US Fed chief Jerome Powell says wearing masks could lead to 'enormous economic gains'

United States Federal Reserve Chairman, Jerome Powell, said that wearing masks and social-distancing measures could le to "ermous ecomic gains" for US ecomy. This statement came on September 4 after Labor Department reported that US employers h ded 1.4 million jobs in August and unemployment rate h dropped by 8.4 per cent. Powell also revealed that Central Bank will keep short term interest rates at a level of zero in order to contribute in process of recovery of ecomy.

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US ecomy on its way to recovery 

ANI quoted Powell saying, “So certainly to get us back to full employment, we're going to need to get spre of disease under control. And best way to do that, short of arriving at a vaccine, is to take se social-distancing measures and employ m”. He ded, “re are actually ermous ecomic gains to be h nationwide from people wearing masks and keeping ir distance”.

country’s ecomy h plunged into deepest crisis since Great Depression due to vel coronavirus crisis. Talking about ecomy, Powell said that “We think that ecomy's going to need low-interest rates, which support ecomic activity for an extended period of time. It will be measured in years ... we're t going to prematurely withdraw support that we think ecomy needs”. 

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Few days back, a leing US brocaster reported annual business investments to have plunged to lowest level in 68 years due to nearly stalled consumer spending. Despite in April, reports stated that over 20 million American jobs vanished with closure of businesses, Trump ministration claimed that job creation skyrocketed. However, Republicans touted return of 1.8 million jobs in July, however, US media reports stated orwise. Nearly 60 percent of jobs that were lost amid COVID-19 pandemic have t returned, a news ncy reported. While US recently accounted for 5.4 million job openings, it wasn’t eugh for more than 30 million on unemployment benefits, as per report.  

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(With Inputs from ANI)

(Im Credits: AP)