05/05/2021 | Press release | Distributed by Public on 05/05/2021 09:27
Excerpt: 'The unemployment rate does not include the millions who have left the workforce since the pandemic began. The labor force participation rate, measured by the percent of the population in the workforce, whether employed or unemployed, remains depressed. Therefore, while rapid economic growth is very good news, it was, and still is, badly needed to offset the sizable shock that occurred with the COVID-19 pandemic.'
Excerpt: 'Oil prices, which declined dramatically as travel fell, have increased significantly of late. Pent-up demand for goods has resulted in the rise of shipping costs, and delays in unloading at ports have made it difficult for many businesses to restock their shelves. All these factors will likely result in temporary increases in prices.'
Excerpt: 'While much progress has been made, one reason to continue to expect strong growth in employment and real GDP going forward is that there are a variety of industries still impacted by the pandemic. Policymakers expect these effects to further diminish as a higher percentage of the population is vaccinated.'
Excerpt: 'Policymakers need to be alert to potential changes to the economy. … Both spending patterns and work environments are likely to be altered by the pandemic. It is too early to know whether the economic relationships we observed pre-pandemic will behave similarly in the post-pandemic era.'
Excerpt: 'My perspective is that the emphasis on actual outcomes rather than forecasts of rising inflationary pressures when setting monetary policy appears justified.'