8/13, 3:28 AM (Source: TeleTrader)
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Unemployment benefits important for recovery - Fed's Kaplan

President of the Dallas Federal Reserve Bank Robert Kaplan said the extension of unemployment benefits is important for ensuring a rebound of the US economy, which had weakened amid the coronavirus pandemic.

Kaplan noted the upswing in the American economic activity has been "muted" by the recent resurgence of the COVID-19 and that it could impair the improvements on the unemployment rate front. "It has muted the recovery," he explained, adding that despite the virus persisting in some areas of the country a "hard lockdown" is not the solution.

Last week, after Capitol Hill negotiations on a new coronavirus relief reached a stalemate, President Donald Trump signed an executive order to extend unemployment benefits, which expired in July, providing jobless workers with $300 a week from the US government, matched by a $100 payment by the federal states.

Breaking the News / NL