2021-05-03 23:05:36 GMT2021-05-04 07:05:36(Beijing Time) Xinhua English
WASHINGTON, May 3 (Xinhua) U.S. Federal Reserve Chairman Jerome Powell said on Monday that the U.S. economy is not out of the woods yet , particularly with a slower recovery for low-wage and minority workers. While the recovery is gathering strength, it has been slower for those in lower-paid jobs, Powell said at a virtual event sponsored by the National Community Reinvestment Coalition. Almost 20 percent of workers who were in the lowest earnings quartile in February of 2020 were not employed a year later, compared to 6 percent for workers in the highest quartile, he said.
US Fed chief highlights slower recovery for low-wage, minority workers
By IANS |
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Wearing marks, social-distancing could lead to enormous economic gains : US Fed chief. Image Source: IANS News
Washington, May 4 : US Federal Reserve Chairman Jerome Powell said that the American economy is not out of the woods yet , particularly with a slower recovery for low-wage and minority workers. While the recovery is gathering strength, it has been slower for those in lower-paid jobs, Powell said at a virtual event on Monday sponsored by the National Community Reinvestment Coalition. Almost 20 per cent of workers who were in the lowest earnings quartile in February of 2020 were not employed a year later, compared to 6 per cent for workers in the highest quartile, he said.
Fed s Powell says economic recovery clouded by racial, education gaps
Reuters | May 03, 2021 04:19 PM EDT
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on Capitol Hill in Washington, U.S. (Photo : Susan Walsh/Pool via REUTERS)
The U.S. economy is doing better but is not out of the woods yet, Federal Reserve Chair Jerome Powell said on Monday in remarks that flagged an upcoming central bank study documenting the disproportionate blow suffered by the less educated and working parents during the coronavirus downturn.
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Like Us on Facebook The economy is reopening, bringing stronger economic activity and job creation, Powell said in remarks prepared for delivery at a conference of the National Community Reinvestment Coalition. That is the high-level perspective - let s call it the 30,000-foot view - and from that vantage point, we see improvement. But we should also take a look at what is happening at street level.
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Hong Kong s Hang Seng Index opened 0.3 per cent higher at 28,441.95.PHOTO: AFP
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