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