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Fed chair says millions of Americans may never get their jobs back

 

Posted on 11 Jun 2020 

Fed Chair Jerome H. Powell said Wednesday that millions of Americans may never get their jobs back and that Congress will probably need to extend additional aid as unemployment remains at historic highs. Meanwhile, the Organization for Economic Cooperation and Development said Wednesday that the global economy is “experiencing the deepest recession since the Great Depression in the 1930s.”

But there are some signs of recovery on the horizon: Mastercard spending data suggests that American consumers were shopping at nearly pre-pandemic levels in May, with many of those sales taking place online.

At least 111,000 people in the United States have died of the coronavirus, and nearly 2 million cases have been reported. More than 7,380,000 cases and 414,000 deaths have been reported worldwide, according to data compiled by Johns Hopkins University.

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