This Week In The Economy: FDA Limits JnJ Vaccine, EU Wants To Phase Out Russian Oil Imports, US April Jobs Report, Fed and Other Central Banks Raise Borrowing Costs Again

Welcome to a regular snapshot-review of U.S. and international economic news that aims to 1) provide a window into the challenges and decisions facing businesses today, 2) determine the direction of economic policy — such as the speed at which central banks decide to raise interest rates, and 3) assess what the impact will be for consumers.

FDA Limits Use of J&J COVID-19 Vaccine

The U.S. Food and Drug Administration announced this week that it is limiting the use of Johnson and Johnson’s COVID-19 vaccine to adults who don’t have access to other vaccine options.

“After conducting an updated analysis, evaluation and investigation of reported cases, the FDA has determined that the risk of thrombosis with thrombocytopenia syndrome (TTS), a syndrome of rare and potentially life-threatening blood clots in combination with low levels of blood platelets with onset of symptoms approximately one to two weeks following administration of the Janssen COVID-19 Vaccine, warrants limiting the authorized use of the vaccine,” the FDA said.

At the same time, the agency argued that “the known and potential benefits of the vaccine for the prevention of COVID-19 outweigh the known and potential risks” for those where other authorized or approved COVID-19 vaccines are not accessible or clinically appropriate, and adults who choose to receive the J&J vaccine because they would otherwise not receive a COVID-19 vaccine.

“Today’s action demonstrates the robustness of our safety surveillance systems and our commitment to ensuring that science and data guide our decisions,” it said. “The agency will continue to monitor the safety of the Janssen COVID-19 Vaccine and all other vaccines, and as has been the case throughout the pandemic, will thoroughly evaluate new safety information.”