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Federal Reserve Chairman Jerome Powell speaks to the New York Economic Club on Wednesday about the “state of the US labor market”.
The speech came at a time when job gains declined considerably after a rapid recovery following the pandemic-induced layoffs in March and April. Although non-farm payrolls have recovered more than 12 million lost jobs, mainly in the hospitality and health professions, more than 10 million workers remain unemployed.
After seeing a loss of 227,000 in December, the non-farm payroll grew by 49,000 in January and the unemployment rate dropped to 6.3%.
The Fed has prioritized inclusive employment gains and said it will not raise interest rates until it sees substantial progress toward that goal.
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