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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 comes as job gains slowed considerably after a rapid recovery from pandemic-induced layoffs in March and April. Although non-agricultural wages have recovered more than 12 million from lost jobs, mainly in the hospitality and healthcare professions, more than 10 million workers remain unemployed.
After losing 227,000 in December, non-farm payrolls rose 49,000 in January and the unemployment rate fell to 6.3%.
The Fed has made earnings for employment inclusion a priority and said it will not raise interest rates until it sees substantial progress toward that goal.
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