Fed’s Barkin Says COVID-19 Vaccine is Essential For Recovery

President of the Federal Reserve Bank of Richmond Tom Barkin said on Tuesday that the US labor market and economic activity may not fully recover until a vaccine and treatments for the novel Coronavirus are developed.

“If this rate of initial claims continues, you have to imagine the recent improvements in the labor market are going to slow.”

The Composite Index of the Richmond Fed’s Survey of Manufacturing Activity rose to 21 in September from 18 in August. Further details of the report showed that the Manufacturing Shipment Index declined from 22 to 13.