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Fed Chairman Powell: US economy appears to be strengthening

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March 22 (Reuters) – The US economy has improved a lot, Federal Reserve Chairman Jerome Powell said on Monday, thanking Congress and the central bank for providing unprecedented support, while warning that the recovery is still far from over.

The recovery has progressed faster than expected and appears to be strengthening, Powell said in remarks prepared for a Congressional hearing on Tuesday morning. Household spending has increased, he said, and the housing sector has more than fully recovered.

However, the sectors of the economy most affected by the resurgence of the virus and greater social distancing remain weak, and the unemployment rate still high at 6.2% underestimates the deficit, especially since the Labor market participation remains significantly lower than before the pandemic. levels, he said. The recovery is far from over, so at the Fed, we will continue to provide the economy with the support it needs for as long as it takes.

Fed policymakers and many private forecasters expect spending and economic growth to increase in the coming months, as more Americans get vaccinated and venture out. Powell underscored this expectation, but at the same time reiterated the federal government’s commitment to use our full suite of tools to support the economy and help ensure that the recovery from these difficult times will be as robust as possible. (With reporting by Dan Burns; Editing by Cynthia Osterman)

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