search
Sections List
American Journal News

Even as the economy shows signs of recovery, experts say 'there's a lot we have to do'

Federal Reserve Chair Jerome Powell says, ‘the recovery is far from complete.’

By Donna Provencher - March 25, 2021
Share
Warehouse workers load vaccines

A new Labor Department report published Thursday found that jobless claims fell sharply to 684,000 this week. Experts say these lower numbers of unemployment claims could be one sign the economy is improving, but there are other measures that must be taken to ensure a full recovery.

The report noted that the number of Americans applying for unemployment benefits dropped sharply from 781,000 last week to an all-new low since the beginning of the pandemic.

And a cautiously optimistic new report by Brookings Institution senior researchers projected that United States employers are poised to add between 700,000 and 1 million jobs a month over the course of 10 months.

Federal Reserve Chair Jerome Powell also told the Senate Banking Committee on Wednesday that the economy is markedly improving, in part due to strong policy measures taken to support hurting families and businesses.

Powell noted in his remarks that employment increased by 379,000 in February and the leisure and hospitality sector recovered approximately two-thirds of the jobs lost in the preceding two months.

“The recovery has progressed more quickly than generally expected,” he said, “and looks to be strengthening. This is due in significant part to the unprecedented fiscal and monetary policy actions I mentioned, which provided essential support to households, businesses, and communities.”

However, he said, workforce participation remains well below pre-pandemic levels, and vulnerable groups remain deeply affected by the economic recession.

“But the recovery is far from complete,” Powell added. “So at the Fed, we will continue to provide the economy the support that it needs for as long as it takes.”

He also pledged to protect low-wage workers on the front lines and in service sectors as well as Black and brown Americans who have been hard hit by the recession.

Treasury Secretary Janet Yellen told the Senate Banking Committee that while economic recovery is nowhere near complete, the economy is trending upwards.

And Democrats’ recent $1.9 trillion COVID relief package could make all the difference in moving toward economic recovery, she said, noting, “With the passage of the rescue plan, I am confident that people will reach the other side of this pandemic with the foundations of their lives intact.”

Yellen also credited the unemployment benefits expansion in President Joe Biden’s American Rescue Plan for part of the economic turnaround America is beginning to see.

“While unemployment remains high, it’s important to provide the supplementary relief,” she said to the committee.

Michael Madowitz, an economist with the Center for American Progress, told the American Independent Foundation, “We’re certainly hoping for the economy to give more signals it’s starting to pick up. Today’s unemployment claims are a good sign, but only in the context of the pandemic — we’re still well above any record from the last huge recession.”

He added that more stimulus will be needed from the federal government and the Federal Reserve to kickstart the economy: “The American Rescue Plan will be helpful, but it’s supposed to put workers in position for a recovery, not bring the 12 million jobs we need back.”

Heidi Shierholz, senior economist and policy director at the Economic Policy Institute, told the American Independent Foundation that while full economic recovery is a ways away, “the good news is the $1.9 trillion American Rescue Plan is providing critical relief and recovery to millions of working families and setting the stage for a robust recovery as more people get vaccinated.”

Newly appointed Labor Secretary Marty Walsh commented Wednesday night that despite positive trends upward for the U.S. workforce, there are other factors needed in order to achieve full economic recovery — such as addressing the widespread departure of women from the workforce during the pandemic and focusing on job training.

“Women have dropped out of the workforce in higher numbers than I think anyone ever anticipated,” Walsh said.

He added:

Job training is another piece that we have in the Department of Labor and working on job training and getting those dollars out the door. Some of those industries that we have lost during the pandemic, we’re not going to get them back. So we need to make sure that we can retrain American’s workers, so they can access the jobs that are available now for them.

Walsh also noted that expanding access to child care would also boost economic recovery, ans said successful vaccine rollout will be a key component of a full economic recovery — a point upon which other experts agree.

“With the vaccinations happening, and the president’s very aggressive plan to get vaccines in people’s arms, that’s also part of this whole plan,” Walsh said. “So, there’s lots that we have to do. And the beauty is that President Biden and Vice President Harris have a plan to move forward.”

Published with permission of The American Independent Foundation.


AJ News
Get the latest news here first.

Tai News

Newsletter
Read More
AJ News
Latest
Republican Eric Hovde makes inconsistent statements about family history

Republican Eric Hovde makes inconsistent statements about family history

By Jesse Valentine - February 26, 2024
Republican David McCormick invests millions in website that platforms Holocaust denial

Republican David McCormick invests millions in website that platforms Holocaust denial

By Jesse Valentine - February 09, 2024
Lawmakers will again take up bills expanding, tightening gun laws

Lawmakers will again take up bills expanding, tightening gun laws

By Annmarie Timmins, New Hampshire Bulletin - January 31, 2024
UAW delivers rousing presidential endorsement for Biden over ‘scab’ Trump

UAW delivers rousing presidential endorsement for Biden over ‘scab’ Trump

By Ashley Murray, States Newsroom - January 24, 2024
Republicans Sam Brown and Jeff Gunter sling mud in Nevada senate primary

Republicans Sam Brown and Jeff Gunter sling mud in Nevada senate primary

By Jesse Valentine - January 17, 2024
A Young Texas Woman Almost Died Due To The Texas Abortion Bans – Now She’s Battling To Save Other Women

A Young Texas Woman Almost Died Due To The Texas Abortion Bans – Now She’s Battling To Save Other Women

By Bonnie Fuller - January 10, 2024
Health care legislation preview: Maryland advocates want to focus on access, patients in 2024 session

Health care legislation preview: Maryland advocates want to focus on access, patients in 2024 session

By Danielle J. Brown, Maryland Matters - January 08, 2024
How GOP senate hopefuls try to excuse the  January 6 insurrection

How GOP senate hopefuls try to excuse the  January 6 insurrection

By Jesse Valentine - January 05, 2024
NH lawmakers will be taking up major voting bills this year. Here are some to watch for.

NH lawmakers will be taking up major voting bills this year. Here are some to watch for.

By Ethan DeWitt, New Hampshire Bulletin - January 04, 2024
Republican US Senate candidates want to make Trump’s tax cuts permanent 

Republican US Senate candidates want to make Trump’s tax cuts permanent 

By Jesse Valentine - December 22, 2023
Rand Paul went all in on the Kentucky governor’s race. It didn’t work.

Rand Paul went all in on the Kentucky governor’s race. It didn’t work.

By - December 15, 2023
Texas governor and attorney general do little to curb state’s chemical plant crisis

Texas governor and attorney general do little to curb state’s chemical plant crisis

By Jesse Valentine - December 08, 2023
Likely GOP Senate candidate Eric Hovde proposed tax hike for poorer workers and retirees

Likely GOP Senate candidate Eric Hovde proposed tax hike for poorer workers and retirees

By Jesse Valentine - December 07, 2023
Whitmer signs specific criminal penalties for assaulting health care workers into law

Whitmer signs specific criminal penalties for assaulting health care workers into law

By Anna Liz Nichols, Michigan Advance - December 06, 2023
105 Republicans voted to expel Santos for things Trump has also done

105 Republicans voted to expel Santos for things Trump has also done

By Jesse Valentine - December 05, 2023
For Texas Sen. Ted Cruz, another Trump term is another chance to kill Obamacare

For Texas Sen. Ted Cruz, another Trump term is another chance to kill Obamacare

By Jesse Valentine - December 04, 2023
Florida Sen. Rick Scott backs Donald Trump in revived push to repeal Obamacare

Florida Sen. Rick Scott backs Donald Trump in revived push to repeal Obamacare

By Jesse Valentine - November 30, 2023
Tate Reeves took donations from power company that hiked customer rates

Tate Reeves took donations from power company that hiked customer rates

By Jesse Valentine - November 06, 2023
Daniel Cameron ran on depoliticizing the Kentucky AG’s office. He made it more political.

Daniel Cameron ran on depoliticizing the Kentucky AG’s office. He made it more political.

By Jesse Valentine - November 03, 2023
Republican operatives sound every alarm on current trajectory of 2023 governor’s race

Republican operatives sound every alarm on current trajectory of 2023 governor’s race

By Adam Ganucheau, Mississippi Today - October 24, 2023
Follow the money: Tim Sheehy takes thousands from drug company lobbyists

Follow the money: Tim Sheehy takes thousands from drug company lobbyists

By Jesse Valentine - February 29, 2024
Judge behind Alabama embryo ruling has ties to Ted Cruz

Judge behind Alabama embryo ruling has ties to Ted Cruz

By Jesse Valentine - February 29, 2024
Telehealth abortions on the rise since Dobbs, new report shows

Telehealth abortions on the rise since Dobbs, new report shows

By Sofia Resnick, States Newsroom - February 28, 2024
Utah lawmakers want to repeal abortion clinic ban hoping it will speed up trigger law case

Utah lawmakers want to repeal abortion clinic ban hoping it will speed up trigger law case

By Katie McKellar, Utah News Dispatch - February 27, 2024
Republican Bernie Moreno opposes existence of minimum wage

Republican Bernie Moreno opposes existence of minimum wage

By Jesse Valentine - February 23, 2024