WASHINGTON – COVID-19 isn’t just a health threat, it’s also a wealth threat.
The pulse of the U.S. Economy is faint right now and experts say it will be awhile before it recovers.
Federal Reserve Chairman Jerome Powell says this is a crisis the U.S. has never seen before.
“We are going to see economic data for the second quarter that is worse than any data we have seen for the economy,” said Chairman Powell. “There are direct consequences of the disease and measures we are taking to protect ourselves from it.”
“Next week’s jobs report is expected to show that the unemployment rate which was at 50-year lows just two months ago has surged to the double digits,” furthered Powell.
The recovery process is expected to be gradual, but President Trump is optimistic.
“I think next year is going to be an incredible year for our economy,” explained President Trump. “I think the fourth quarter is going to be really, really good.”
Powell also noted that unemployment rose much higher for minorities than it did for white Americans.