Fed’s Powell Calls for Society-Wide Commitment to Restore Employment

The United States Federal Reserve Chair, Jerome Powell, called for more efforts to help the American economy recover from the impact of the Coronavirus pandemic, in order to reach full employment.

Powell’s remarks came in a speech to the Economic Club of New York on Wednesday, Reuters reported.

“Given the number of people who have lost their jobs and the likelihood that some will struggle to find work in the post-pandemic economy, achieving and sustaining maximum employment will require more than supportive monetary policy.”

“It will require a society-wide commitment, with contributions from across government and the private sector.”

“Fully realizing the benefits of a strong labor market will take continued support from both near-term policy and longer-run investments so that all those seeking jobs have the skills and opportunities that will enable them to contribute to, and share in, the benefits of prosperity.”

Powell referred to efforts after World War II to restore economic recovery, saying that now the government needs to use all practicable means to achieve useful employment.

“At present, we are a long way from such a labor market.”