Fed’s Powell says U.S. jobs report for August was ‘a good one’: NPR By Reuters

Fed's Powell says U.S. jobs report for August was 'a

© Reuters. FILE PHOTO: U.S. House of Representatives Financial Services Committee hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), in Washington

(Reuters) – U.S. Federal Reserve Chair Jerome Powell on Friday said the U.S. jobs report for August was “a good one” while adding that the interest rates will stay low for several years.

“I would say today’s jobs report was a good one,” Powell told National Public Radio in an interview. “Through May and June, we got quite a few people back to work.”

“We think that the economy’s going to need low interest rates, which support economic activity, for an extended period of time,” he added. “It will be measured in years.”

The unemployment rate in August fell to 8.4% from 10.2% in July.

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