{"id":134291,"date":"2021-08-03T15:46:33","date_gmt":"2021-08-03T15:46:33","guid":{"rendered":"https:\/\/precoinnews.com\/?p=134291"},"modified":"2021-08-03T15:46:33","modified_gmt":"2021-08-03T15:46:33","slug":"feds-daly-says-labor-market-not-tight-jobs-recovery-underway","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/feds-daly-says-labor-market-not-tight-jobs-recovery-underway\/","title":{"rendered":"Fed's Daly says labor market not tight, jobs recovery underway"},"content":{"rendered":"
FILE PHOTO: San Francisco Federal Reserve Bank President Mary Daly poses at the bank\u2019s headquarters in San Francisco, California, U.S., July 16, 2019. REUTERS\/Ann Saphir <\/figcaption>

(Reuters) – Despite complaints from U.S. employers that workers are hard to find, there are almost 10 million people who are unemployed and more sitting on the sidelines of the labor market, said San Francisco Federal Reserve President Mary Daly, who expects many or most of them to return to work as the economy recovers.<\/p>\n

\u201cMyriad factors are tempering labor supply at the moment – the need to care for children, fears of COVID, generous unemployment benefits,\u201d Daly said in a blog post on Tuesday. \u201cBut there is no reason to expect those to be permanent or even highly persistent features of the labor market.\u201d<\/p>\n

Daly made her remarks after two of the U.S. central bank\u2019s more hawkish policymakers – Fed Governor Christopher Waller and St. Louis Fed President James Bullard – said in recent days that they believed the job market recovery is nearing completion, clearing the way for the Fed to begin reducing its support for the economy in a matter of months.<\/p>\n

Daly didn\u2019t address the Fed\u2019s potential taper of its bond-purchasing program in her remarks, which were released not in the usual format of prepared remarks for a scheduled speech but rather as a two-page blog post.<\/p>\n

But in saying the jobs recovery among workers aged 25 to 54 is \u201cunderway\u201d and harking back to the pre-pandemic expansion when more people returned to work than many policymakers anticipated, Daly\u2019s comments serve as an argument for continued Fed support rather than a rush to remove it.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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