US facing severe crisis, but not a depression: Fed Chairman Jerome Powell

Washington (AFP) - The US is facing a severe economic downturn amid the global pandemic, but will not suffer another Great Depression and will see a recovery begin later this year, Federal Reserve Chair Jerome Powell said Sunday.The world's top economy was strong before the COVID-19 outbreak hit, like a natural disaster, causing nationwide business shutdowns, Powell said. And the banking system had been rebuilt stronger since the global financial crisis.Data show more than 30 million jobs were destroyed in the US, as businesses were shuttered nationwide amid the efforts to stop the spread of t...

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