Ahead of tomorrow’s monthly jobs report from the Bureau of Labor Statistics, Groundwork’s Senior Economist Dr. Chris Becker released the following statement:
“One of the strongest labor markets in history has remained steadfast in the face of the Federal Reserve’s aggressive interest rate hikes. But we know exactly what the consequences will be if Chair Powell keeps raising rates: stagnant wage growth, calcified inequities, and millions of people – especially people of color – out of work.
“Inflation is already coming down, despite the Fed, not because of it. Chair Powell and the Fed should focus on keeping the labor market strong – not throwing us into a devastating recession.”