Business

NY Fed’s Williams says recovery may be ‘choppy’ as U.S. economy returns to full strength

Some shifts in the labor market, including early retirements or people changing jobs, may lead to bumps in the recovery as the U.S. economy continues to heal from the coronavirus crisis, New York Federal Reserve Bank President John Williams said on Monday.

“We’re going to get to full strength, I’m not doubting that,” Williams said during a virtual event with the Midsize Bank Coalition of America. “It’s just that this process is going to be choppy.”

Some parents with younger children may be able to return to work as more schools reopen in the fall and any effects stemming from enhanced unemployment benefits will fade over the next several weeks and months as the $300 weekly supplement is phased out, Williams said.