The nation's unemployment rate has fallen steadily since hitting record levels in spring, but with jobless claims still at five times their pre-pandemic levels, the Federal Reserve has shifted its focus. The central bank will only consider raising its benchmark interest rate once the U.S. hits maximum unemployment, which Fed Chair Jerome Powell said Wednesday was"a long way" ahead.
“We would like to get back to a strong labor market where wages are moving up, where people can find work, where labor force participation is holding up nicely,” Powell said in a press conference after the Fed's monetary policymaking meeting. In the meantime, Congress remains deadlocked over new relief measures, and the $600 in additional unemployment assistance expired in July. Millions of Americans face eviction, food pantries are seeing record levels of need, and some laid-off workersIn addition to providing vital financial support to unemployed workers and their families, the extra $600 was the source of ongoing consumer spending, which drives the U.S. economy and leads to job growth.
"This drop in benefits will make it far harder in coming months to claw back the jobs lost during the pandemic," Elise Gould, senior economist at the Economic Policy Institute, wrote in a note. While Democrats and Republicans continue to debate the finer details of the next round of emergency coronavirus aid, Chair Powell offered more clarity.
morningmika Let the Market, Economy, Housing market Crash. Depression 2.0 You will get this with Trump. Russia, along with North Korea and China, will make their move against North America. They will Succeed. Blame realDonaldTrump and GOP and his cult followers who vote for him.
morningmika Has it not occurred to Trump that New York and Illinois (Blue States) have major airports, which have allowed Europeans in before the travel ban? 🙄
TERRIBLE.
morningmika Congratulations on a job well done, both of you.
morningmika Young people are not having children because of climate change, a classiest society, and the knowledge that this planet is going to be unlivable within 10 years. The economy and stock market are two different things. My daughter is 28 with a masters degree. No children.
Whilst other countries are stating to show signs that their economies are stating to see marginal improvement & recovery of employment. The US is gowing backwards. I wonder why?
People may be filing but are they receiving unemployment benefits.
Congress remains deadlocked over new relief measures, and the $600 in additional assistance expired in July. Millions face eviction, food pantries are seeing record levels of need, and some laid-off workers are waiting weeks or months to receive their unemployment benefits.
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