Fed Chair Powell: U.S. Unemployment Closer To 10%
The Labor Department said the nation's official unemployment rate was 6.3%.
The Federal Reserve Chairman painted a bleak picture for the state of unemployment.
Jerome Powell said while more than 12 million jobs have been reclaimed since the pandemic began, there's still a long road ahead.
"Experience tells us that getting to and staying at full employment will not be easy. In the near term, policies that bring the pandemic to an end as soon as possible are paramount," said Federal Reserve Chair Jerome Powell. "In addition, workers and households who struggle to find their place in the post pandemic economy are likely to need continued support. The same is true for many small businesses that are likely to prosper again once the pandemic is behind us."
Powell said rates will remain low for a while.
He also said the actual unemployment rate is probably closer to 10% as opposed to the 6.3% reported by the Labor Department.
He said the higher number is likely more accurate because of classification errors the Labor Department has encountered since March.
Some are getting heated over rising heating bills
The cold weather and Russia’s war on Ukraine have increased U.S. gas exports to other countries, tightening supply and increasing prices.By Scripps News
Mortgage rates fall for 4th consecutive week
The average rate for a 30-year mortgage dropped slightly by 0.04% to 6.09%.By John Raoux / AP
At Arizona-Mexico border, field workers commute to meet crop quotas
In the salad bowl of the U.S., field workers are working through long hours, harsh weather and border commutes to put food on America's tables.By Scripps News
GOP on State of the Union: 'Biden and the Democrats have failed you'
Arkansas Gov. Sarah Huckabee Sanders told her audience that Biden and the Democratic Party “failed you. You know it, and they know it.”By Al Drago / AP
After State of the Union, Tyre Nichols' family pushes accountability
Just after attending the State of the Union address, Tyre Nichols' parents talked to Scripps News about their experience and hopes for the future.By Patrick Semansky / AP
President Joe Biden delivers the 2023 State of the Union address
President Joe Biden's annual address focused on bipartisanship while touting the administration’s economic accomplishments.By Patrick Semansky / AP