Powell says economy recovering but Fed support still needed

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the economic recovery from the coronavirus pandemic has progressed more quickly than expected. But still,  he says the central bank does not intend to let up in its support efforts. In testimony prepared for a congressional oversight hearing, Powell says even though the recovery appears to be strengthening, there are still many pockets of weakness in the U.S. economy. Powell noted that the unemployment rate is still elevated at 6.2%, a statistic that does not fully reflect the number of jobless Americans who have given up and dropped out of the labor force.