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US recovery could be ‘unprecedented,’ Fed official says

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AFP

Washington (AFP) – Bringing the US economy back from the brutal downturn caused by Covid-19 will take time, and hiccups like last month’s weak hiring data will happen, a top Federal Reserve official said Monday. The comments from Fed Vice Chair Richard Clarida come after government data showed the US economy added only 266,000 jobs in April, far fewer than expected and complicating expectations for a strong bounceback in employment and growth this year. “We’re still more than eight million jobs short of where we were 14 months ago, so there’s still a deep hole in the in the labor market. But I…

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