Monday, February 6, 2023
GoldscopeFeed
Advertisement
  • World
  • Business
  • Entertainment
  • Technology
  • Lifestyle
  • Sports
  • Finance
  • Trending
No Result
View All Result
GoldscopeFeed
  • World
  • Business
  • Entertainment
  • Technology
  • Lifestyle
  • Sports
  • Finance
  • Trending
No Result
View All Result
GoldscopeFeed
No Result
View All Result
Home US

The unemployment crisis in the United States is much worse than it seems

by GFeed News Desk
March 7, 2021
0
The unemployment crisis in the United States is much worse than it seems

The national unemployment rate obscures how hard some people are already suffering in the aftermath of the pandemic. That’s why the Federal Reserve considers more than just the national unemployment rate when assessing the country’s economic health.

“We don’t just look at the headline numbers when we say maximum jobs is a deep and inclusive target,” Fed Chairman Jerome Powell said in his semi-annual testimony to the Senate Banking Committee on Tuesday.

Powell told the committee that certain groups are bearing the brunt of the pandemic’s effects, with unemployment rates still higher than the national average.

Despite the fact that the national unemployment rate fell to 6.3 percent in January, White workers have a much lower unemployment rate (5.7 percent) than other groups: According to the Bureau of Labor Statistics, the Black unemployment rate was 9.2 percent in January, while the Hispanic unemployment rate was 8.6 percent.

Women over the age of 20 have the same unemployment rate as men, which is 6%. However, this, too, does not say the whole tale. Some women have been forced to leave the workforce to care for their families as a result of the pandemic, and they are not included in the unemployment rate.

Meanwhile, women kept all of the 140,000 jobs lost in the United States in December.

Powell expressed hope that these consequences would be temporary, but noted that they restricted these workers’ capacity to contribute completely to the economy.

“Policies that put the pandemic to an end will help,” he said at the end of the day.

Senator Pat Toomey, the committee’s ranking member, said at the outset of the hearing that he would prefer the Fed to concentrate on racial injustice and climate change rather than its main goals of price stability and full employment.

Although Powell agreed that fiscal policy, rather than the blunt instruments of monetary policy, is better suited to addressing issues of inequality, he continued to emphasize that additional support for certain groups is still needed.

“The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain,” Powell said in his prepared remarks to the committee.

The Federal Reserve has consistently stated that it will not increase interest rates as long as unemployment remains high and inflation remains well below its goal of 2%. However, as the economy completely reopens this year, inflationary pressures will increase. Treasury bond yields have risen in recent days as a result of this anticipation, causing some stock market jitters. Bond rates and yields shift in opposite directions.

Powell is scheduled to testify before the House Financial Services Committee on Wednesday.

Tweet147
Previous Post

The Covid-19 vaccine were initially only available in hospitals, here’s why leaders believe more providers are required

Next Post

Governor Andrew Cuomo has been accused of inappropriate conduct by two more women

GFeed News Desk

https://goldcopefeed.com/

Related Posts

Did Google and Facebook executives make an illegal agreement to dominate the ad market?

Did Google and Facebook executives make an illegal agreement to dominate the ad market?

by GFeed News Desk
January 15, 2022
0

According to court documents filed in the United States, top Google and Facebook officials were actively involved in authorising an...

Why is the chief of Denmark’s foreign intelligence service imprisoned for a month?

Why is the chief of Denmark’s foreign intelligence service imprisoned for a month?

by GFeed News Desk
January 11, 2022
0

The chief of Denmark's foreign intelligence service has been imprisoned for a month, according to local media, for allegedly disclosing...

People desperate for Covid tests are turning to resellers online

People desperate for Covid tests are turning to resellers online

by GFeed News Desk
January 7, 2022
0

Republicans didn’t waste any time in dragging Big Tech into 2022’s culture wars

Republicans didn’t waste any time in dragging Big Tech into 2022’s culture wars

by GF Tech Desk
January 6, 2022
0

Almost a year after the Capitol uprising that resulted in former President Donald Trump's suspension from Twitter, Facebook, and YouTube,...

Omicron variant is rages out of control

Omicron variant is rages out of control

by GFeed News Desk
January 4, 2022
0

As the new Omicron form of Covid-19 rages out of control, every American is being forced to consider how much...

Please login to join discussion

Recommended

Christian Pulisic becomes first US men’s international to score in a Champions League semi-final

As the Covid-19 positive score reaches an all-time high, the Canadian military will help in the province of Ontario

April 28, 2021
Australia’s Scott Morrison doesn’t deny pressuring UK to drop climate asks from trade deal

Children as young as two are vaccinated against Covid-19 in Cuba

September 10, 2021

Categories

  • Business
  • Entertainment
  • Fashion
  • Finance
  • Food
  • Health
  • Lifestyle
  • Sports
  • tech
  • Technology
  • Travel
  • Travel
  • Trending
  • Uncategorized
  • US
  • World

Don't miss it

Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty
Entertainment

On Friends, Tom Selleck, who plays Richard, talks about his experience

May 2, 2022
Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty
Entertainment

Selena Gomez Launches ‘Your Words Matter’ Mental Health Campaign With Rare Beauty

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

Angelina Jolie went to Ukraine, to meet children and volunteers

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

First look of P-Valley Season 2 has been revealed

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

With only 5 days till the screening of Doctor Strange 2, Marvel has released a teaser

May 2, 2022
Everything you need to know about Borgen Season 4
Entertainment

Everything you need to know about Borgen Season 4

May 2, 2022
  • About
  • Contact
  • Cookie Policy
  • Editorial Policy
  • Privacy Policy

© GoldscopeFeed 2020-21, All Rights Reserved.

No Result
View All Result
  • About
  • Cookie Policy
  • Privacy Policy
  • Contact

© GoldscopeFeed 2020-21, All Rights Reserved.