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

Fed's Kaplan says disadvantaged Americans need help getting back to

© 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


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.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.