Federal Reserve Chairman Jerome Powell on Wednesday warned of “downside risks” if Congress fails to pass another relief package aimed at helping the economy survive the pandemic.
“Broadly speaking, if we don’t get that, then there will certainly be downside risks,” he said.
Powell noted that roughly half of the jobs lost during the pandemic have been regained. However, many of those still looking for work come from industries hurt by the virus, and it could take them a while to find employment.
“That [long-term unemployment] will serve to show up in economic activity. It will also show up in