Trump: Economy is opening up ‘far faster’ than anticipated President Trump addresses economic recovery amid coronavirus and sufficient medical equipment supply in the U.S. Recent economic data shows signs of acceleration in the U.S. economy , but Federal Reserve officials are cautioning that there may be a slowdown on the horizon as confirmed coronavirus cases rise in some U.S. states.
On Wednesday, Atlanta Fed President Raphael Bostic suggested that the U.S. recovery could be stalling – even after more than 7 million jobs were added between May and June.
Bostic told reporters that more recent data indicates “energy in terms of reopening for businesses and for just general activity is starting to level off,” as reported by The Wall Street Journal.
CONSUMER SPENDING CUTOFF: AS UNEMPLOYMENT BENEFITS EXPIRE, US ECONOMY MAY SUFFER
As previously reported by FOX Business , there have been concerns about not only another wave of layoffs as some states pause – and even roll back – tiered reopening plans, but also that economic uncertainty could squash hiring plans even in states were confirmed cases remain low.
Bostic indicated that some less-cautious reopenings have likely led to a surge in infection rates.Richmond Fed President Thomas Barkin expressed concern about […]
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