Powell Sees Pickup in Economic Growth Ahead
Federal Reserve Chairman Jerome Powell said the U.S. economy appears to be at an inflection point, with output and job growth poised to accelerate in the months ahead as long as the Covid-19 pandemic retreats.
“We feel like we’re at a place where the economy’s about to start growing much more quickly and job creation coming much more quickly,” Mr. Powell said in an interview to be broadcast Sunday evening on CBS’s “60 Minutes.” He said the Fed’s forecast is that the economy could produce close to one million jobs a month for “a string of months.”
The central-bank chief urged Americans to continue socially distancing and wearing masks, saying a resurgence of Covid-19 remains the primary risk to the economic outlook.
The U.S. seven-day average of newly reported Covid-19 cases has been climbing in recent weeks after a steady, monthslong decline following a deadly fall surge. Daily cases exceeded 75,000 on April 7, down from a peak of 300,000 in early January but higher than at any point in the first six months of the pandemic.
President Biden and administration officials have also urged Americans to be patient and take precautions as the rollout of Covid-19 vaccines continues and new variants spread.
