WASHINGTON, D.C.: The coronavirus disease 2019 (Covid-19) pandemic could widen inequalities in the United States, Federal Reserve (Fed) Chairman Jerome Powell warned on Friday (Saturday in Manila), as government data showed consumer spending plunging by a record amount.
The world's largest economy is in dire shape, with more than 40 million layoffs since lockdowns were imposed in mid-March to stop the spread of Covid-19.
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