Raphael Bostic says businesses and consumers are putting plans on hold amid rising infections in some states
Flags fly over the US Federal Reserve headquarters in Washington, the US. Picture: REUTERSFederal Reserve Bank of Atlanta president Raphael Bostic said the renewed spread of Covid-19 may be threatening the pace of the US recovery, as businesses and consumers put plans on hold.
While recent US economic data has been better than expected, including the addition of 4.8-million jobs in June, Bostic said he was worried that more employment losses would become permanent rather than temporary if the economy fails to gather strength as hoped. Increasing cases of the virus have prompted some states to curtail or reverse some of their reopening plans, and Florida and Georgia — both in the Atlanta Fed district — have been among the states seeing big increases in cases, along with Arizona, Texas and California.
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