Federal Reserve Chair Jerome Powell acknowledged recent signs of improvement in the economy during congressional testimony on Tuesday but cautioned that "significant uncertainty remains about the timing and strength of the recovery."
During his semiannual testimony before the Senate Banking Committee, Powell noted some recent indicators have pointed to stabilization and even a modest rebound in economic activity following the coronavirus-induced downturn.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.