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9/22, 7:01 PM (Source: TeleTrader)
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Spending recovering faster than employment - Fed's Barkin

President and CEO of the Federal Reserve Bank of Richmond Thomas Barkin said on Tuesday that spending in the United States has been experiencing a faster recovery than the labor market.

The jobless claims remain on a "stubbornly" high level, he noted, but added that the latest jobs report exceeded his expectations in a positive way. Barkin specified that spending on goods has been increasing at a faster rate than spending on services.

Speaking on the coronavirus economic impact, he stated that uncertainty would rise for as long as the number of cases and case rate do.

Breaking the News / MS