Search
 
News

U.S. Jobs Still Short of Goal

In addition to slow recovery in the labor market, supply-chain bottlenecks and inflation have been ‘longer-lasting’ than expected, according to Fed Chair Powell.

By Craig Torres | September 27, 2021 at 01:42 PM
Stock photo: Jerome Powell

Federal Reserve Chair Jerome Powell said supply-chain bottlenecks have lasted longer than anticipated, and he expects inflation pressures to remain high in coming months before easing.

“These effects have been larger and longer-lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2 percent goal,” Powell said in testimony to the Senate Banking Committee released Monday. “As reopening continues, bottlenecks, hiring difficulties, and other constraints could again prove to be greater and more enduring than anticipated, posing upside risks to inflation.”

At the same time, Powell said, labor-market gains slowed last month, especially in sectors sensitive to the pandemic. The 5.2 percent unemployment rate understates the shortfall in employment as indicated by the fact that the labor force participation rate hasn’t picked up, he added.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Dig Deeper

 

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.