Home » Economy » No 'V-shape' return from devastating U.S. job loss, Fed policymakers say
No 'V-shape' return from devastating U.S. job loss, Fed policymakers say
Why is the stock market not responding to brutal April jobs report?
Allianz chief economic adviser Mohamed El-Erian says investor optimism about the reopening U.S. economy overshadowed grim labor market statistics.
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As many parts of the world’s biggest economy begin to reopen after weeks of stay-at-home orders that slowed the spread of the coronavirus but gutted jobs, Americans should not expect a quick return to growth, U.S. Federal Reserve officials said on Friday.
“A couple months ago I was optimistic, I was hopeful, that maybe we would have a V-shaped recovery — shut things down, clamp down on the virus, and then have a quick recovery,” Minneapolis Federal Reserve Bank President Neel Kashkari said in an interview on the PBS Newshour.
STATES DEPLETING UNEMPLOYMENT FUNDS AMID CORONAVIRUS LOCKDOWN
The virus has continued to spread across the nation, with nearly 1.3 million people infected so far and more than 77,000 dead.