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Retail sales jumped nearly 10% in March, as shoppers, flush with $1,400 relief payments, are feeling more confident about venturing out. Weekly unemployment claims dropped to a pandemic low.
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Jerome Powell and Treasury Secretary Janet Yellen will tell Congress the economy is recovering but that more needs to be done to get to pre-pandemic levels
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Powell warned it will take time to put millions of jobless Americans back to work, while also downplaying inflation threats.
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The Commerce Department says the U.S. economy grew just 1% in the last three months of the year, as a rise in coronavirus infections weighed on in-person businesses like restaurants.
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President-elect Joe Biden is proposing a $1.9 trillion plan to address the coronavirus pandemic and the resulting economic crisis.
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U.S. employers added just 245,000 jobs last month as the runaway pandemic continued to weigh on hiring. The unemployment rate fell to 6.7% from 6.9% in October.
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In an interview with NPR, Powell says it may take years before the economy has fully recovered. He says practicing social distancing and wearing masks is essential for the economy to rebound.
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The Dow and other stock indexes plunged as cases surged in several states and the Federal Reserve warned that the pandemic "will weigh heavily on economic activity."