US economy healthy, unemployment could stay high for years: Fed chief
The underlying US economy remains solid, but high unemployment could persist for years in the sectors most impacted by the coronavirus pandemic, Federal Reserve Chair Jerome Powell said Thursday.
“There’s is still a healthy economy under here, except for this area that’s been directly affected by COVID,” Powell said in a discussion as part of the Jackson Hole central banking conference.
But millions of workers in travel, hotels and restaurants have been directly impacted, which means “a couple of years of... relatively high unemployment.”
People in those industries are “really going to struggle to find work... We need to support them.”
India's missions in Canada are enhancing their outreach to students from India as their numbers balloon along with a spate of incidents, including accidents, suicides, even murders. The latest such tragedy was reported on Sunday, when Peel Regional Police found the body of 20-year-old Navkiran Singh from Moga district in Punjab drowned in the Credit Valley River in Brampton in the Greater Toronto Area. No cause has yet been attributed for the death.
A no-confidence motion tabled by the Opposition against Sri Lankan President Gotabaya Rajapaksa was defeated in Parliament on Tuesday, media reports said. The motion by Opposition Tamil National Alliance MP M A Sumanthiran to suspend Parliament's standing orders in order to debate an expression of displeasure over President Rajapaksa was defeated with 119 MPs voting against it, the Economy Next newspaper reported. Only 68 MPs voted in favour of the motion, it said.
The United States hopes “India would reconsider” its decision to ban wheat exports which “will make the current global food shortage even worse”, an envoy said on Monday amid concerns with no end in sight for the Ukraine war. Agriculture ministers from the Group of Seven nations on Saturday also emphasised that India's decision to ban wheat exports would worsen the global food shortage.
Canada will quickly ratify the membership of Finland and Sweden in the North Atlantic Treaty Organisation (Nato), as and when it has been approved. Speaking to reporters during the course of a teleconference from Brussels, Canada's Minister of Foreign Affairs Melanie Joly said such ratification has support from across party lines in Canada.
The United Kingdom on Tuesday accused Russia of being prepared for artillery use against inhabited civilian areas in Chernihiv, to the north of Ukraine's Capital, Kyiv, pointing to what it said was the 'scale of damage' to residential buildings caused by Moscow's troops in the region. The UK also projected that Moscow, in a bid to regain momentum in its advance in the Donbas area, would keep relying 'heavily' on massed artillery strikes.