Omicron variant could pose threat to employment and economic activity: Powell
Updated: 2021-11-30 13:40:31 KST
Federal Reserve Chairman Jerome Powell sees the Omicron variant as a threat to the American economy.
In a statement he plans to deliver to the Senate on Tuesday, Powell says "the recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation."
He also says the variant will make people less willing to go to work in person, which in turn will slow down the recovery of the labor market and further disrupt supply chains.