Fed Warns of Possible Long-Term Recession, 3 Million More File Jobless Claims
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- Americans are feeling the pinch
and pushing back againstlockdown measures.
In Wisconsin, the state Supreme Court
struck down the governor'sstay-at-home order
ruling he overstepped his authority.
- [Man] We need it badlyjust so that we can get
at least people back up and running.
- [Jenna] And around thecountry, a growing number
of people and local officials
say they won't follow shutdown mandates,
like in Madison County, Illinois.
- Nothin' worse thanwhen you own a business
to work a lot more hours
and make a lot lessmoney or no money at all.
- [Jenna] Officials therevoting to reopen Wednesday,
despite the governor's stay-at-home order.
And President Trumpvisiting Pennsylvania today,
another state where many people
are upset with thegovernor's shutdown rules.
All of this coming aseconomic pain mounts.
Federal Reserve Chair Jerome Powell
warning Wednesday of apossible extended recession.
- The path ahead is both highly uncertain
and subject to significant downside risks.
- [Jenna] Powell making clear his concern
a recession may last long enough
to cause extensive damage to the economy,
making a recovery weaker and slower.
- A prolonged recession and weak recovery
could also discourage businessinvestment and expansion,
further limiting the resurgence of jobs.
- [Jenna] His comments ledto a sharp selloff in stocks.
- I think there's a lot of concern
that a lot of people won't necessarily
go back to their old jobs.
- [Jenna] At the same time,
even as millions ofAmericans are out of work,
many face another problem:
sharply rising pricesat the grocery store,
the biggest in decades,
with fewer people eating out,
leading to a bigger jumpin buying at the store
at a time when many can't afford it.
- If something's gone up a dollar,
I'll either find an alternativeor honestly not purchase it.
- As States reopen, there's concern
about another possiblewave of coronavirus cases.
At the same time, though,Americans are worried
about the economy andtheir personal pocketbooks.
In Washington, Jenna Browder, CBN News.