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Powell On Changes To Get A Meaningful Labor Force Participation Recovery

FED

Q: What needs to change in the economy to get a meaningful labor force participation recovery? Running the economy hot?

  • A: Powell says the labor market is "by so many measures hotter than it ever ran in the last expansion". Part of participation recovery will be alleviating discomfort w Covid; lack of availability of childcare (both for those with children and older people); strong stock market and housing prices mean more one income vs 2 income families.
  • "It isn't that the economy lacks stimulus... what does the labor market look like in a world without COVID? That would be the thing that we'd really like to see but it doesn't look like that's coming any time soon."
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