The recovery of the US economy, hit by the coronavirus pandemic, is not yet complete, the head of the country’s central bank told lawmakers.
“The economic recovery continues to be uneven and far from over, with the path ahead looking very uncertain,” Federal Reserve Chairman Jerome Powell told the Senate Banking Committee.
“Although significant progress has been made in the labor market since the spring, millions of Americans remain out of work,” he added.
The US Department of Labor reported that the unemployment rate in January was 6.3 percent.
At the same time, Powell said earlier this month that he was “close to 10 percent,” more than double the figure in February last year, when the virus had not yet begun to infect millions of Americans and forced thousands of companies to close or restrict their activities.
Powell warned that for now, “the economy is far from our targets for unemployment and inflation, and it will probably take some time to make significant further progress.”