Fed's Harker says he expects 'sharp recession' in 2020 with growth next year
(Reuters) - The U.S. economy could begin to recover from a sharp recession next year as the labor market recovers, but it may take time for the economy to return to the levels seen earlier this year, Philadelphia Federal Reserve Bank President Patrick Harker said Tuesday. Harker said he expects '2021 will be a growth year, with GDP and employment picking up,' according to remarks prepared for a virtual event organized by the Chamber of Commerce for Greater Philadelphia
(Reuters) - The U.S. economy could begin to recover from a sharp recession next year as the labor market recovers, but it may take time for the economy to return to the levels seen earlier this year, Philadelphia Federal Reserve Bank President Patrick Harker said Tuesday.
Harker said he expects "2021 will be a growth year, with GDP and employment picking up," according to remarks prepared for a virtual event organized by the Chamber of Commerce for Greater Philadelphia.
But he cautioned that the economic pain could linger, adding that the growth seen next year may not be "enough to return the economy to where it was at the beginning of this year."
Even as the economy rebounds, some Americans could face long spells of unemployment, Harker said.
"Some of the jobs that have been lost because of the COVID-19 crisis may never return," he said.
(Reporting by Jonnelle Marte; Editing by Chizu Nomiyama)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.