Watch Fed Chair Jerome Powell converse stay to the Financial Membership of New York

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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.

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