Opening Statement Continues, Highlights Household Spending

Household spending about 3/4 up from earlier decline, but services weak. Recovery in h'hold spending also "likely owes to federal stimulus payments and expanded unemployment benefits which provided substantial and timely support to household incomes."

Housing sector activity has returned to beginning-year levels, improvement in business investment. So, "recovery has progressed more quickly than general expected and forecasts from FOMC participants for economic growth this year have been revised up" since June SEP.

But overall activity remains well-below pre-pandemic level, and path ahead remains uncertain. (Speaks at length about labor market remaining much weaker than pre-pandemic, and how the downturn has not fallen equally on all Americans.)