Yellen: US economy recovering faster than expected
Treasury Secretary, Fed Chair both spoke to Senate committee
by: Alexandra Limon
Posted: Nov 30, 2021 / 07:48 PM EST
/ Updated: Nov 30, 2021 / 07:50 PM EST
WASHINGTON (Nexstar) — Treasury Secretary Janet Yellen said the US economy is recovering much faster than expected but officials warn progress could be thwarted by the pandemic.
Yellen said the country’s economic recovery is remarkable. “We’re averaging half-a-million new jobs per month since January. GDP now exceeds its pre-pandemic levels,” she told a Senate committee Tuesday morning.
But Fed Chair Jerome Powell said the pandemic could still reverse that progress after the detection of the omicron variant.
“Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply chain disruptions,”…
