Fed's Powell: Labor market is 'in balance'

Economy

Christian Baha / JJ

19 March

1 min read

EPA-EFE/WILL OLIVER

United States Federal Reserve Chair Jerome Powell said on Wednesday that the overall labor market is "in balance."

Speaking at the FOMC press conference, Powell explained that both the hiring rate and the layoff rate are currently "quite low." "If we were to see a meaningful increase in layoffs, that would probably translate very quickly into unemployment," he stressed. "It's a low hiring - low firing situation, it seems to be in balance right now," he said, adding that the Fed is monitoring closely the situation in the labor market.

Furthermore, the central banker insisted that it is too early to evaluate the new US administration's effect on the labor market and the economy in general.

labor market fed powell

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