(MENAFN) According to vice chairman of the US Federal Reserve, the country's economy is likely to expand about 2.5 percent in the second quarter, Xinhua reported.
According to his remarks, the senior Fed official believed there are grounds for optimism that economic growth will be sufficient to promote further gains in labor market conditions.
At the beginning of this year, the US consumers were holding back their spending despite the boost from the low oil prices, which remained a puzzle for economists and government officials.
Although oil prices declines had some negative impact on oil drilling industry, he held that, on net, the US should gain from the fall in oil prices, given that the country is still a sizable importer of oil.
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