Powell speech: Unemployment rate understates shortfall in employment

Following the Federal Open Market Committee's (FOMC) decision to keep the policy rate unchanged and to reduce asset purchases by $15 billion per month, FOMC Chairman Jerome Powell is delivering his comments on the policy outlook.

Key quotes

"Slowdown in job gains concentrated in certain sectors."

"Participation rate remains subdued."

"Unemployment rate understates shortfall in employment."

Prime-age participation remains well below pre-pandemic levels."

"Employers are having difficulties filling jobs."

"These problems on jobs should diminish."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.