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May 5, 2021 11:19 AM
(Reuters) – The U.S. economy is recovering faster than many policy makers had expected, but a “broad-based recovery is taking more time to achieve” and more progress will be needed in the job market before the Federal Reserve’s conditions for reducing its extensive support will be met, the head of the Federal Reserve Bank of Cleveland said on Wednesday.
The unemployment rate could fall to 4.5% or less this year and gross domestic product growth is likely to be in the “6 to 7 percent range,” Cleveland Fed President Loretta Mester said in prepared remarks to the Boston Economic Club.
The U.S. economy is recovering faster than many policymakers had expected, but a “broad-based recovery is taking more time to achieve” and more progress will…
(Reuters) - The U.S. economy is recovering faster than many policy makers had expected, but a "broad-based recovery is taking more time to achieve" an.
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General Motors announced Thursday that it will halt production at several of its North American factories and extend shutdowns at others as a result of a protracted shortage of semiconductor chips that s affecting manufacturing worldwide, according to the Wall Street Journal.
The automaker said three plants that were previously unaffected by the chip shortage will now be idled or have their output reduced for one or two weeks. These include a factory in Tennessee and one in Michigan that make popular midsize sport-utility vehicles such as the Chevrolet Traverse SUV, and the Cadillac XT5 and XT6 SUVs. GM will also extend closures of a Kansas City-area factory and a plant in Ontario until May 10.