Fed's Powell: U.S. may be in recession, control of virus to dictate timing of economy reopening
WASHINGTON - U.S. Federal Reserve Chair Jerome Powell told Americans on Thursday progress in controlling the spread of the coronavirus would determine when the economy reopens but assured them the Fed was taking every action to support a vigorous rebound when it comes.
Powell spoke just about an hour before federal data showed a record-breaking spike of unemployment claims to 3.28 million, evidence that “social distancing” to fight the pandemic has taken hold, but may also have ended the country’s more than decade-long economic expansion. “The first order of business will be to get the spread of the virus under control and then resume economic activity.”
As a rule of thumb, a recession is a period when the economy’s overall level of output, or gross domestic product, contracts for two consecutive three-month quarters. However the definition used by the National Bureau of Economic Research’s Business Cycle Dating Committee, the group that determines when such periods begin and end, is far more flexible - and even a sharp downturn over a month or two may not qualify if the rebound is quick and sustained.
A deliberate choice to close stores in the name of public health, Powell said, “is not a typical downturn...There is nothing fundamentally wrong with our economy.”
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