06/28/2021

Fed Officials: Employment Still Below Pre-pandemic Levels

Businesses are reluctant to hire

The U.S. economy is rebounding rapidly from last year's decline, but much improvement is needed in the labor market, two Federal Reserve officials said on Thursday.

U.S. economic growth "has come roaring back" and some metrics including consumption, housing, and manufacturing are now "extremely healthy," Philadelphia Federal Reserve Bank President Patrick Harker said during a virtual event as part of the Official Monetary and Financial Institutions Forum.

"But even as GDP has almost entirely recouped its losses from last year, employment remains down significantly," Harker said.

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