WASHINGTON, D. C.: While the US economy has rebounded faster than originally anticipated following a large contraction in the second quarter, US employment probably won’t recover to pre-pandemic levels until 2023, a senior Federal Reserve official said.
“The scenario of continued growth that I have presented depends on a sustained decline in the rate of new infections — probably a result of nearly universal mask-wearing, especially indoors — that ensures only sporadic new outbreaks,” Patrick Harker, president of the Philadelphia Federal Reserve Bank, said at a virtual event held by the Official Monetary and Financial Institutions Forum.
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