COVID economic recovery ‘faster than expected’
September 28, 2020 By Will Robinson Filed Under: News
The President and CEO of Federal Reserve Bank of Kansas City says the economy is recovering from the COVID-19 pandemic faster than expected.
Esther George says there are two main reasons for the recovery…
“We are learning more and can manage the virus,” George said. “We are seeing businesses being able to open so that is positive for our economy. The second thing, though, is the amount of fiscal stimulus that has come into the economy.”
She said the Federal Reserve keeping interest rates low since March has also provided stability to the market.
George said unemployment caused by the pandemic has also dropped.
“Of the 22 million people that lost their jobs early on, almost half of those have gone back to work,” she said.
But George said economic recovery will still be mostly dictated by the amount of coronavirus spread. George spoke at an ag outlook forum, sponsored by Agri-Pulse, virtually Monday.
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