investing.com 13 Jan, 2021 23:00 am

Fed's Rosengren says U.S. labor markets could stagnate until vaccine is widely available By Reuters

Fed's Rosengren says U.S. labor markets could stagnate until vaccine is widely available

economy could face significant weakness over the next couple of months until coronavirus vaccines are widely distributed, but those vaccines, combined with the increased odds for fiscal stimulus under President-elect Joe Biden, could boost the economy in the long run, Boston Federal Reserve Bank President Eric Rosengren said on Wednesday."I’m expecting that the labor market is going to be stagnant for the next couple months until we have much more widespread vaccinations," Rosengren said in an interview with Reuters.The sectors most impacted by the pandemic, including accommodation, food and entertainment, will need more fiscal support until vaccines make it possible for consumers to return widely to those activities, Rosengren said."As we get into the end of the second quarter, I'm hoping enough people are vaccinated that we can start spending, particularly in those areas where we haven't been able to spend," Rosengren said.

Asked about the Main Street Lending Program, which was administered by the Boston Fed, Rosengren said a fiscal program that provides grants to struggling businesses may be one of the most effective ways to support mid-sized companies, Rosengren said.Absent fiscal support, determining whether the Fed needs to establish more emergency lending programs would depend on what happens with the economy and if the requirements for "exigent" circumstances are met, Rosengren said.

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