Atlanta Fed president Bostic warns of a 'bumpier' road ahead, and says the US economy's recovery is 'leveling off' as COVID-19 cases surge

• The Federal Reserve Bank of Atlanta's chief Raphael Bostic has warned that he is seeing signs of a "leveling off" of the US economy's recovery.
• "There are a couple of things that we are seeing and some of them are troubling and might suggest that the trajectory of this recovery is going to be a bit bumpier than it might otherwise," he told the Financial Times.
• US added jobs for a second straight month in June, but this was before a resurgence of COVID-19 cases hit several US states.
• Bostic said his "biggest concern in this whole period ... is to what extent are business losses permanent, are job losses permanent?"
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As a second wave of COVID-19 cases continue to rip across the US, the Fed's Raphael Bostic thinks this is making the path to economic recovery even tougher and the economy is "leveling off."

"There are a couple of things that we are seeing and some of them are troubling and might suggest that the trajectory of this recovery is going to be a bit bumpier than it might otherwise," the Federal Reserve Bank's Atlanta Chief told the Financial Times. 

See the rest of the story at Business Insider

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See Also:

• Giving people free money has kept 12 million people out of poverty and given the economy a crucial boost
• US companies added 2.37 million jobs in June, fewer than economists expected, ADP says
• US consumer confidence jumps most since 2011 as the economy reopens

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