Established American private banksNorthern trust co.(Northern Trust) Chief Economist Carl Tannenbaum said on Wednesday that the novel coronavirus vaccine will not provide an immediate stimulus to the US economy, and that more fiscal stimulus is still necessary as the US economic recovery is losing momentum.

Mr Tannenbaum said that while the vaccine news and better-than-expected job growth in the US in October were "encouraging", they did not reduce the need for further stimulus measures.

"in terms of employment, there are still 10 million Americans who had jobs in January and have now lost their jobs," he said. For those who are still unemployed, the road to full employment is longer, so they will continue to need a certain amount of support. "

"I think another disadvantage to the US economy is the state and local governments, whose budgets are seriously disrupted by the loss of revenue, and they are laying off staff and cutting services, which is bad for economic activity."

"I think if we wait for vaccines to solve all our problems, then the economic recovery of the United States may be at risk," Tenenbaum said. "

He explained that even thoughPfizer IncAnd BioNTech's COVID-19 vaccine will be approved "optimistically" this year, but there may not be enough vaccine to immunize those who need it by the end of next year.

The economist also warned that given the serious divisions in Congress, the United States is unlikely to receive more economic relief before the inauguration of the new president in January.