There’s No returning to pre-pandemic economy : Fed’s Powell
- ByAyushi Ray | August 18, 2021
Federal Reserve Chairman Jerome Powell said that there’s No Returning To Pre-pandemic economy. “We’re not simply going back to the economy that we had before the pandemic,”Powell said at a Fed virtual town hall for educators and students. “We need to watch carefully as the economy continues to get through the pandemic and try to understand the ways that the economy has changed and what the implications are for our policy.”Powell said that, while it is not yet clear if the delta variant of COVID will have further impact on the economy, the country has already seen significant changes since the pandemic began shutting the country down in March 2020.
The economic changes range from the increase in remote work, to restaurants offering more take-out meals, to real estate agents learning to show homes virtually, he noted. Many companies have already made large investments in technology to adapt to the challenges that the pandemic has presented. It seems a near certainty that there will be substantially more remote work going forward, Powell said. That’s going to change the nature of work and the way work gets done.Powell said the heavy investment by companies in new technology means there will be more jobs in the future associated with maintaining that technology but also potential job losses in industries focused on in-person contact. He said some of those industries may be moving to an automated, no-contact model.
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