For all the tumult and disruptions of the coronavirus pandemic, U.S. labor markets have come out on the other side not far from the strong conditions that prevailed before the crisis, a paper presented at a Boston Fed research conference said.
Almost all of the hit the U.S. labor market took in 2020, when COVID-19 struck, was tied to temporary layoffs which were swiftly rescinded, said the paper presented on Saturday.
“I think if we were going to see large scale changes, we would have seen them by this point,” said Lisa Kahn, an economics professor at the University of Rochester, who was one of the co-authors. Fears the pandemic would cause deep and lasting damage to the economy generated a historically aggressive campaign of stimulus by the government and the Federal Reserve, as elected officials and central bankers were mindful that the weaker policy response to the Great Recession over a decade ago led to a slow recovery for the economy.
“By raising rates, we are aiming to slow the economy and bring labor demand into better balance with supply. The intent is not a significant downturn,” Boston Fed leader Susan Collins said on Friday in remarks that opened the conference at her bank. Collins was optimistic there is a pathway to price stability that entails only a modest unemployment rate increase.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Robot dog maker Boston Dynamics accuses rival of stealing design, strapping gun to itLast year, Ghost made headlines after showing off a robot dog with an automated rifle mounted on its back at a Washington DC trade show.
Read more »
Possible Fetal Remains Found in Freezer of Boston ApartmentPolice are investigating the possible discovery of a fetus or baby in a freezer at an apartment building in South Boston Thursday evening, officials say.
Read more »
Kelly Slater’s Outerknown Expands to New York and BostonOuterknown, founded by Kelly Slater and John Moore in 2015, has expanded to the East Coast.
Read more »
Possible Fetus, ‘Additional Human Remains' Found in Boston Apartment, Police SayA day after what appeared to be a fetus or baby was found dead in a freezer in a South Boston apartment, police announced that more apparent human remains have been found.
Read more »
PAX East Returns To Boston In Late-March 2023PennyArcade and ReedPop announced this week that PAXEast will once again return to Boston in 2023 as it will happen in late March.
Read more »
Fed's Collins: Fed has more work to do to bring inflation downThe US Federal Reserve (Fed) has more work to do to bring inflation down, Federal Reserve Bank of Boston President Susan Collins said on Friday, as re
Read more »