Biden says US is still coming out of Kovid-19’s “economic collapse” – 05/07/2021

Biden says US is still coming out of Kovid-19's "economic collapse" - 05/07/2021
Washington, 7 May (EFE). – United States President Joe Biden said on Friday that job creation figures in April are disappointing, indicating that the country is still growing from an “economic collapse” due to the epidemic, but stressed that for recovery The road is “uphill”.

“We are still trying to get rid of an economic recession costing 22 million jobs,” Biden said in a speech at the White House that shortly after news broke that the US economy created 266,000 jobs in April, Which was less than one million. Expected by analysts.

In turn, the unemployment rate peaked at tenth place in April and peaked at 6.1%.

Biden commented that the figures indicated the importance of extraordinary fiscal stimulus measures initiated by his government, such as direct transfers of millions of citizens in the US from $ 1,400 and strengthening unemployment insurance.

According to the US president, these measures are “starting to work”, but “the trend is now upward and there is still a long way to go”.

April’s unemployment rate broke with the declines seen in recent months, as the US economic recovery consolidated.

Federal Reserve (Fed, US Central Bank) forecasts indicate that the US economy will grow 6.5% this year, the highest annual rate since the 1980s.

The unemployment rate, which rose from 3.5% in February last year to 14.7% in April, has been decreasing every month since the Kovid-19 epidemic made its greatest impact and in the first four months of the year. About 6%.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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