Fed Chief 'Puzzled' That Despite Good Economy, Few Workers Getting Raises [View all]
Source: Talking Points Memo/AP
By Josh Boak | June 14, 2018 6:33 am
WASHINGTON (AP) — Halfway through a news conference Wednesday, the head of the world’s most powerful central bank was asked a question weighing on the minds — and the checking accounts — of Americans everywhere: When will people finally start getting meaningful pay raises?
Jerome Powell, the chairman of the Federal Reserve, had no satisfactory answer.
He called it a “puzzle.” And then, as if measuring his words, he said he wasn’t prepared to call it a “mystery.”
Puzzle or mystery, the source of the consternation is this: The U.S. unemployment rate has dropped to a multi-decade low of 3.8 percent. A shortage of qualified people to hire has frustrated many employers who have complained that they can’t fill job openings.
Read more: https://talkingpointsmemo.com/news/fed-chief-puzzled-that-good-economy-few-workers-raises
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