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Federal Reserve Chairman Jerome Powell spoke to the New York Economic Club on Wednesday about the ‘State of the American Labor Market’.
The speech comes as job profits slowed significantly after a rapid recovery after pandemic-initiated layoffs in March and April. Although non-farming has recovered more than 12 million of the lost positions, especially in the hospitality and health professions, more than 10 million workers remain unemployed.
After a loss of 227,000 in December, non-farming payrolls grew by 49,000 in January, and unemployment fell to 6.3%.
The Fed has made inclusive employment gains a priority, saying it will not raise interest rates until it sees significant progress towards the end.
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