Testimony
Chair Jerome H. Powell
Semiannual Monetary Policy Report to the Congress
June 2022
("The labor market has remained extremely tight, with the unemployment rate near a 50‑year low, job vacancies at historical highs, and wage growth elevated. Over the past three months, employment rose by an average of 408,000 jobs per month, down from the average pace seen earlier in the year but still robust. Improvements in labor market conditions have been widespread, including for workers at the lower end of the wage distribution as well as for African Americans and Hispanics. A box in the June Monetary Policy Report discusses developments in employment and earnings across all major demographic groups. Labor demand is very strong, while labor supply remains subdued, with the labor force participation rate little changed since January.")
Chair Pro Tempore Jerome H. Powell
Semiannual Monetary Policy Report to the Congress
March 2022
("The labor market is extremely tight. Payroll employment rose by 6.7 million in 2021, and job gains were robust in January. The unemployment rate declined substantially over the past year and stood at 4.0 percent in January, reaching the median of Federal Open Market Committee (FOMC) participants' estimates of its longer-run normal level. The improvements in labor market conditions have been widespread, including for workers at the lower end of the wage distribution as well as for African Americans and Hispanics. Labor demand is very strong, and while labor force participation has ticked up, labor supply remains subdued. As a result, employers are having difficulties filling job openings, an unprecedented number of workers are quitting to take new jobs, and wages are rising at their fastest pace in many years.")