(NewsReady.com) – America’s economy seems to be trending in the right direction. However, the fall and winter COVID-19 wave is causing some concern. The Federal Reserve is trying to reassure people all is not lost if it starts to slow, though.
During a November 17 interview with CNBC’s “Squawk Box,” Atlanta Fed President Raphael Bostic said he believes the economic recovery is “robust.” He pointed to the COVID-19 vaccine development as “positive news,” but said there are some “short-term and intermediate-term concerns,” because of the current spike in coronavirus cases. Bostic mentioned the fact that low-wage jobs are coming back more slowly than other professions.
“Low-wage jobs are not returning as fast as higher-wage jobs are. Jobs in a lot of the service sectors are still 40 to 50% lower than they were pre-COVID,” says @AtlantaFed @RaphaelBostic on the state of the economy. pic.twitter.com/5r0rin1OjG
— Squawk Box (@SquawkCNBC) November 17, 2020
If the economy slows, he said the Fed is willing to use all the tools at its disposal, and “they have some juice.”
Hopefully, that juice is enough to power through a slowdown. The American people want to get back to work and the glory days of President Donald Trump’s record-breaking economy.
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