Economy 'performing very well overall' - Powell

Economy 12/7/2018, 1:13 AM
Economy 'performing very well overall' - Powell

Chair of the United States Federal Reserve Jerome Powell reported that the country's economy is currently "performing very well overall," with strong job creation and wages that are gradually rising.

The unemployment has reached its lowest level since 1969, which is encouraging more people to participate in the job market, Powell said during the meeting of the Housing Assistance Council, adding that "by many national-level measures" the US labor market is "very strong." However, he warned the benefits of the current economy are not reaching some communities. Unemployment rates in persistently poor rural areas remain much higher than the national figure of 3.7%, the head of Federal Reserve stated.

In order to help these rural towns and cities benefit from the "current prosperity," the FED is "conducting research, collaborating with communities, and assessing financial regulations."

Breaking the News / MD