Fed Chair Powell: U.S. Unemployment Closer To 10%

Jerome Powell discusses the state of unemployment, noting that while over 12 million jobs have been recovered since the pandemic, challenges remain in achieving full employment. He emphasizes the importance of policies to end the pandemic and support for workers and businesses. Powell mentions that interest rates will stay low and suggests the actual unemployment rate is closer to 10% due to classification errors by the Labor Department.

What challenge does Jerome Powell highlight regarding employment post-pandemic?

• Achieving and maintaining full employment

• Increasing the number of jobs

• Reducing inflation

• Balancing the federal budget

What does Powell suggest is crucial in the near term to aid economic recovery?

• Increasing taxes

• Policies to end the pandemic

• Reducing government spending

• Raising interest rates

Who does Powell believe will need continued support in the post-pandemic economy?

• Large corporations

• Workers, households, and small businesses

• Government officials

• International investors

What does Powell say about the future of interest rates?

• They will fluctuate unpredictably

• They will remain low for a while

• They will increase significantly

• They will be abolished

Why does Powell believe the actual unemployment rate is higher than reported?

• Due to a lack of data

• Because of classification errors

• Owing to political influence

• As a result of economic growth