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- 2/3/2023LATEST NEWS
Is the Economy Kind of Good Now?
“It is pretty clear that the investments we made in people over the course of the pandemic actually worked,” said Rakeen Mabud, an economist at the progressive think tank the Groundwork Collaborative. “It drove a tighter labor market, it drove wage gains, especially at the bottom, and people had more agency.”
Fed Raises Interest Rates by 0.25%, with More Hikes Expected
In economic news, the Federal Reserve has approved an additional quarter-point hike to its benchmark interest rate. In a statement, the Groundwork Collaborative criticized the Fed’s decision, saying, “With today’s rate hike, the Fed is pushing us dangerously close to an unnecessary recession that would spell disaster for low-wage workers, workers of color, and vulnerable communities.”
Groundwork’s Dr. Rakeen Mabud Previews First Jobs Report of 2023
Ahead of tomorrow’s jobs report from the Bureau of Labor Statistics (BLS), Groundwork’s Chief Economist Dr. Rakeen Mabud released the following statement: “It is abundantly clear that we don't need to choose between a strong labor market and lower inflation. “Yesterday's rate hikes place millions of workers one step closer to joblessness. There’s no such thing as a ‘mild recession’ for the people who will lose their wages and jobs at the altar of inflation. If we enter a recession, Chair Powell and the Fed only have themselves to blame.” Email press@groundworkcollaborative.org to speak with Dr. Mabud about tomorrow’s jobs report.