U.S. Federal Reserve chairman Jerome Powell says his staff has reduced 4% of black and Puerto Rican women compared to 1% of whites and about 2% of all men.
United States Federal Reserve chairman Jerome Powell said the economic situation was “clear” in the United States but the recovery would not be the same as those on low incomes.
In a statement Monday, Powell cited a number of reasons why US growth expectations have been met.
“We have not been able to get out yet, but I am happy to say that we are now moving forward,” Powell said in an interview with the National Community Reinvestment Coalition, referring to the increase in vaccinations, government support and reopening more businesses across the country.
But, he said, “The economic downturn has not happened the same for all Americans and those who have not been able to cope are the ones most affected.”
Powell said the latest figures show that 20% of workers out of five of the lowest recipients were unemployed in February this year compared to 6% of recipients of one-fifth of unpaid wages.
Powell said participation has dropped by 4% for black and Puerto Rican women compared to 1 percent for whites and about 2% for all men.
Powell said the Fed was looking at the differences that have been taking place over a long period of time because they were looking at potential yields in the country.
“We will achieve our full potential when everyone can contribute to, and participate in, the benefits of development,” Powell said.
Powell reiterated the Fed’s guarantee that it would use its ability to raise interest rates to keep them at low interest rates until they met working targets and temporary inflation of more than 2% of the Fed’s target, which the Fed has failed to achieve over the past 20 years.
“We see great work as a big and inclusive goal,” Powell said. “Those who have been left behind have a lot of economic success and a lot of job opportunities. Our recent history shows the economic benefits of the economy and the hardships of insecurity.”