WASHINGTON (Reuters) – The risks of ongoing business failures in the United States “remain considerable” even as the economy emerges from the coronavirus pandemic, the Federal Reserve said on Friday in its semi-annual monetary policy report to Congress.
Business borrowing “now stands near historic highs,” the U.S. central bank said in the report. Even though large cash balances, low interest rates, and renewed economic growth may dampen problems in the near term, “insolvency risks at small and medium-sized firms, as
The economy added a meager 49,000 jobs in January and the unemployment rate fell to 6.3 percent as the size of the labor force shrank, signaling the ongoing fragility of the recovery. Economists had expected 50,000 jobs to be added and the jobless rate to remain unchanged.
January’s report, the first monthly release under President Joe Biden, is an improvement from December, which saw a reversal of 227,000 jobs. However, it does not even capture the millions of people economists estimate have dropped out of the labor force and are no longer looking for work. Nearly 18 million Americans continue
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