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Fed’s Kaplan says disadvantaged Americans need help getting back to work By Reuters

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© Reuters. FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan gestures during a news conference after of the True Economic Talks event in Mexico City

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By Jonnelle Marte

(Reuters) – Women and minorities, who have been affected by pandemic-related job losses, will need help getting back to work as more economic activity shifts to sectors less dependant on face-to-face interaction, Dallas Federal Reserve President Robert Kaplan said on Wednesday.

People hit hardest by the crisis will need training, greater access to child care and other resources to return to the labor force, Kaplan said during a virtual discussion organized by the Dallas Fed. “We’re going to have a lot of work to do to get these underrepresented groups that have been disproportionately affected back into the labor force,” Kaplan said.

Women with a high school degree or less education are faring worse economically than their male counterparts because of challenges accessing child care, Kaplan said. Other households need help accessing high-speed internet, he said.

After a strong bounce back over the summer, the U.S. labor market is now recovering more slowly, and more Americans are bracing for long-term unemployment.

Businesses and policymakers may need to invest in education and training to help displaced workers pivot to jobs seeing greater demand, Kaplan said.

“Many of the folks who have lost their jobs may not have a business to go back to,” he said, contrasting that experience to that of some people with college educations, who are more likely to have jobs that allow them to work remotely.

The economy is likely to contract by about 2.5% in 2020 and could grow next year by approximately 3.5%, according to Kaplan’s latest forecast. He expects the unemployment rate to end the year between 7% and 7.5%, down from the current rate of 7.9%. The unemployment rate may not drop below 4% again until 2023, he said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Economy

Fed’s Kaplan says U.S. economy will live with virus well into next year By Reuters

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© Reuters. FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan gestures during a news conference after of the True Economic Talks event in Mexico City

(Reuters) – Dallas Federal Reserve Bank President Robert Kaplan on Wednesday repeated his forecast for the U.S. economy to shrink about 2.5% this year and grow a strong 3.5% next year, adding that he expects the pandemic to continue to impact daily life well into next year.

“Let’s see what we can do to live with this virus,” Kaplan said in an online event with the Houston Hispanic Chamber of Congress, adding that wearing masks is a “far better alternative” to the mass lockdowns earlier this year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Honda reaches $5 million defective air bag settlement with Arizona By Reuters

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© Reuters. FILE PHOTO: The Honda logo displayed at the 89th Geneva International Motor Show in Geneva

(Reuters) – Arizona reached a $5 million settlement with Honda Motor Co’s (T:) U.S. units Wednesday in a probe into defective Takata air bag systems, state Attorney General Mark Brnovich said.

The settlement follows an $85 million settlement announced in August with nearly all other U.S. states. Arizona said the Honda settlement includes $1.65 million in restitution for state consumers, a $2.13 million repair incentive program, $750,000 for consumer outreach and a $500,000 payment to Arizona.

Faulty air bag inflators have been tied to at least 15 U.S. deaths in Honda vehicles.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Fed’s Mester says policymakers need to watch for financial stability risks By Reuters

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© Reuters. Cleveland Federal Reserve Bank President Loretta Mester speaks in London

(Reuters) – The Federal Reserve’s new approach to monetary policy should help the central bank influence the economy at a time when interest rates and inflation are low, but policymakers need to keep an eye out for financial stability risks, Cleveland Fed Bank President Loretta Mester said Wednesday.

The framework clarifies that strong employment on its own is not a concern to the Fed unless there are strong inflationary pressures or financial stability risks, Mester said. But policymakers also need to remember that low rates could encourage “higher levels of borrowing and financial leverage, increased valuation pressures, and search-for-yield behavior,” she said.

“While monetary policy that leads to a stable macroeconomy encourages financial stability, it is also possible that in an environment with low neutral rates, a persistently accommodative monetary policy could, in some cases, increase the vulnerabilities of the financial system,” Mester said in remarks prepared for a virtual event on monetary policy.

The relationship between low rates and stability needs to be studied, she said. “How best to approach the nexus between monetary policy and financial stability in a low-interest-rate world deserves more consideration,” Mester said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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