New York (CNN Business) The Covid-19 pandemic brought the economy to a screeching halt, and while it has started its long road to recovery, the economy we knew is probably a thing of the past, said Federal Reserve Chairman Jerome Powell on Thursday. "We're recovering, but to a different economy," Powell said during a virtual panel discussion at the European Central Bank's Forum on Central BankingThe pandemic has accelerated existing trends in the economy and society, including the increasing use of technology, telework and automation, he said. This will have lasting effects on how people live and work. While technological advances are generally positive for societies over the long term, Powell said, on a short-term basis they create disruption, and as the market adjusts to the new normal the pain isn't shared evenly. These groups, heavily skewed towards women and minorities, have already been among those most affected by pandemic layoffs, Powell said.

Source: CNN November 12, 2020 20:26 UTC