That the recovery will be as strong as possible and to limit lasting damage to the economy. In recent months Economic Activity picked up as the economy began to rope. Many businesses opened their doors. Factories restarted production and many left their homes to engage in various activities. As a result Household Spending looks to have recovered about half of its earlier decline although spending for services such as air travel and hotels has shown much less of a pickup he recovery in Household Spending owes to benefits which provided substantial and timely support to household incomes. In contrast, indicators of businessfixeded investment have yet to show a recovery. Even with the improved Economic News in may and june, overall activity remains well below its level before the pandemic. The contraction in g. D. P. Will likely be the largest on record. The labor market has followed a similar pattern. After drops in march and april, employment rose strongly in may an june as many returne
Interest rates, remains unchanged for the recent rise in covid19 cases. This runs an hour. The pandemic continues to cause tremendous human and Economic Hardship in the United States and around the world. The most important response to this Public Health crisis has come from our healthcare workers and remaining grateful to them and many other essential workers for putting themselves at risk day after day in service to others and our country. All of us have a role to play in our nations responsibility to the pandemic. The Federal Reserve remains committed for using tools to do what we can to do as long as it takes to relieve stability and be as strong as possible. And lasting damage to the economy. In recent months Economic Activity picked up as the economy began to reopen. Many businesses opened their doors, restarted production and more people left their homes to engage in various activities which as a result Household Spending looks to have recovered half of its earlier decline, like
In service to others in our country. All of us have a role to play in our nations response to the pandemic. At the Federal Reserve we remain committed to using our tools to do what we can for as long as it takes to provide some relief and stability and ensure that recovery will be a strong as possible and to limit lasting damage to the economy. In recent months Economic Activity picked up as the economy began to reopen. Many businesses open their doors and factories restarted production more people of their home to engage in various activities. As a result Household Spending looks to have recovered half of the earlier decline although air travel and hotel has shown much less of a pickup. The recovery and Household Spending owes to federal stimulus payments and expanded Unemployment Benefits that provided substantial and timely support to household income. In contrast the indicators of fixed investment have yet to show the recovery. Even with the improved economic news, overall activity
Jury will come to order. Senator brown has been delayed a bit but im going to go ahead because as i think most people realize we had to readjust the time of the hearing to accommodate the fact that both have been called on the floor at 1030. That means senators will really need to stick to their five minutes and even then we may not get through for everyone and i apologize. I will stick around for 15 or 20 minutes into the first boat so we can go as long as we possibly can. I will wave my questions. I wont waive my introductory misstatement and i will start with that right now. Welcome, chairman powell today the Federal Reserve chairman Jerome Powell update the command Monetary Policy development in the state of the us economy. Us economy continues to expand in 2019 exceeding 2 growth for the Third Straight year as the American People enjoyed to the longest continued economic expansion in american history. The labor market is strong with the labor force at an alltime high of 164 millio
I will start with that right now. Welcome kevin foul today the Federal Reserve chairman will update the committee on Monetary Policy developments and the state of the u. S. Economy. It continues to expand in 200019 exceeding 2 growth for the Third Straight year. As the American People enjoy the longest economic expansion and history. The labor market is strong. Rd with the Unemployment Rate at 3. 6 remaining near half century low. Wages also grew in january by 3. 1 percent from a year earlier. Making it 18 consecutive months that pay has grown. According to gallup trends. Nearly six in ten americans are 59 now say they are better off financially than they were a year ago up from 50 last year. That reform in 2017 and rightsizing regulations including under the Economic Growth and regulatory release have undoubtedly helped fuel the Strong Economy and labor market. Americans are set to benefit even more when considering the effects of the u. S. Embassy a. T despite the substantial progres