Williams of the fed: it is difficult to predict what shape the recovery of the US economy
NEW YORK, may 21 (Reuters) – the unemployment rate in the United States likely will continue to rise before beginning to decline, and it is difficult to predict how it will look in the recovery, said on Thursday the President of the Federal reserve Bank of new York John Williams.
The latest economic indicators do not fully reflect the situation in which American families because they could not take into account some Americans who have stopped working for health reasons or to care for family members, according to the text of the speech, Williams, prepared to the webinar organized by business groups in the state of new York.
The unemployment rate, which in April reached 14.7 percent, “probably will get worse before you get better,” said Williams.
According to him, at least the companies will receive more information about the economic consequences of the virus to various industries and how much time you may need the economy to recover.
“What we don’t know is what will be the form or terms of recovery,” he said.
“It will be some time before we get a clearer picture of the impact of the virus on other industries, including automotive, higher education, manufacturing and professional services.”
(Connel Of March. Translate Alexey Kuzmin. Editor Marina Bobrova)