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Federal Reserve Chairman Jerome Powell spoke to the New York Business Club on Wednesday about “the state of the US labor market.”
The talk comes as employment growth slowed significantly after a rapid rebound from pandemic layoffs in March and April. Although non-farm workers have regained more than 12 million of the lost jobs, mostly in the hospitality and healthcare sectors, more than 10 million workers remain unemployed.
After a loss of 227,000 in December, the number of non-farm employees rose by 49,000 in January and the unemployment rate fell to 6.3%.
The Fed has made inclusive job growth a priority, saying it will not raise interest rates until it makes significant progress towards that goal.
Job vacancies increased towards the end of 2020, but a large employment gap remains
Even with unprecedented profits, the labor market is still struggling to get back to normal
According to the Fed’s Bostic, the economy could recover faster than expected
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