The underlying US economy remains solid, but high unemployment could persist for years in the sectors most impacted by the coronavirus pandemic, Federal Reserve Chair Jerome Powell said Thursday.
"There's is still a healthy economy under here, except for this area that's been directly affected by COVID," Powell said in a discussion as part of the Jackson Hole central banking conference.
But millions of workers in travel, hotels and restaurants have been directly impacted, which means "a couple of years of... relatively high unemployment."
People in those industries are "really going to struggle to find work... We need to support them."
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Universal Coronavirus Vaccine? New Jab Targets Even Unknown Threats Life Expectancy Dropped By 1.6 Years Globally During COVID-19: Lancet Study Pandemic As Deadly As Covid Could Strike In Next Decade Life On Earth Originates From One Ancestor, Older Than Previously Believed For Debate Against Kamala Harris, Donald Trump Picks This Hindu American Villagers Try To Drive Away Elephant With Spiked Rods, Fireballs. It Dies 2 Killed In West Bank Strike, Israel Says It Targeted "Terrorist Cell'' 7.0 Magnitude Earthquake Strikes Off Russia, Several Aftershocks Recorded Prohibitory Orders In Kolkata Amid Protests Over Doctor's Rape-Murder Track Latest News Live on NDTV.com and get news updates from India and around the world.