Jerome Powell, chairman of the US Federal Reserve, said labor force participation for black and Hispanic women fell by 4 percentage points, compared to 1 percentage point for white women and about 2 percentage points for all men.
Jerome Powell, chairman of the U.S. Federal Reserve, said the economic outlook in the U.S. has been “clearly bright” but recovery has remained very uneven as low-income groups lag behind.
In a speech Monday, Powell cited a number of factors that have made growth possible in the United States.
“We’re not out of the woods yet, but I’m glad we’re making real progress now,” Powell said in a statement to the National Community Reinvestment Coalition, noting the rise in vaccination levels, increased government support and the reopening of more businesses. Country.
However, he said, “The economic downturn has not hit all Americans equally and those who are able to bear the least burden have suffered the most.”
Powell said the new figures show that 20 per cent of the lowest one-fifth of workers did not have a job. In February of this year, the top one-fifth of workers were workers who were still out of work.
Powell said labor force participation for black and Hispanic women fell by 4 percentage points compared to 1 percentage point for white women and about 2 percentage points for all men.
Powell said the Fed focused on this long-term inequality because they depended on the country’s productive capacity.
“We will only reach our full potential if everyone is able to contribute and contribute to the benefits of prosperity,” Powell said.
The Fed reiterated its commitment to use its power to control interest rates until the Fed achieves a one-time maximum employment and inflation growth target above the Fed’s 2 percent target, the Fed has failed to achieve for the past 20 years.
“We see maximum employment as a broad and inclusive goal,” Powell said. “Those who have historically lagged behind have the best chance of prospering in a strong economy with plenty of job opportunities. Our recent history has highlighted both the advantages of a strong economy and the serious expense of a weak individual. “