US economy is “doing very well” = NY Fed President
July 5, 2024 8:10 PM GMT+9
President Williams of the New York Federal Reserve said on the 5th that the US economy is doing very well, and the past 4 years have expanded at a pace that exceeds even some predictions before the novel coronavirus epidemic.
He gave a lecture in Mumbai and stated “the economy is doing very well,” and “the unemployment rate is low and growth is good.” Assuming that the cost of this growth was the unsustainable tightness of the labor market, it showed recognition that this led to a sharp rise in the inflation rate.
“All indicators of the labor market, such as the number of job offers, unemployment rate, turnover rate, surveys, wage growth, etc., indicate that the US labor market was overheated and unsustainable, which was one of the causes of high inflation,” he said.
He gave a lecture in Mumbai and stated “the economy is doing very well,” and “the unemployment rate is low and growth is good.” Assuming that the cost of this growth was the unsustainable tightness of the labor market, it showed recognition that this led to a sharp rise in the inflation rate.
“All indicators of the labor market, such as the number of job offers, unemployment rate, turnover rate, surveys, wage growth, etc., indicate that the US labor market was overheated and unsustainable, which was one of the causes of high inflation,” he said.
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