Crude is flirting with $70, which is probably a sign of growing demand as more people get back to work and travel. That being said, crude could start to become a bit of a drag on the economy if it does hit the $70 level.
<p><span>It is a pleasure to join the Economic Club of New York for this discussion.</span><a href="https://www.federalreserve.gov/newsevents/speech/brainard20210601a.htm#fn1" title="footnote 1"><span>1</span></a><a name="f1"></a><span> Consumer demand is strong, vaccine coverage is expanding, and pandemic-affected sectors are reopening in fits and starts. As was the pandemic shutdown with its ebbs and flows, the reopening is without precedent, and it is generating supply–demand mismatches at the sectoral level that are temporary in nature. Separating signal from noise in the high-frequency data may be challenging for a stretch. The supply–demand mismatches at the sectoral level are making it difficult to precisely assess inflationary developments and the amount of resource slack from month to month.</span></p>
The America Works Report: Quantifying the Nation s Workforce Crisis
We hear every day from our member companies of every size and industry, across nearly every state that they’re facing unprecedented challenges trying to find workers to fill jobs.
But just how widespread is this problem? Which states and which sectors have been hit the hardest? And how do we begin to address this national economic crisis and put more Americans back to work?
That’s what we set out to discover. By analyzing more than two decades worth of federal jobs and employment data and conducting surveys of top industry association economists and local and state chamber of commerce leaders across the country, we examined the current state of the American workforce and the monumental challenges employers are facing across the country.
<p><span>Thank you, David, and thank you to Brookings and the Hutchins Center for the opportunity to lead things off and be part of this very distinguished panel. Today, I will explain why I expect the U.S. economy to continue growing strongly over the remainder of this year and what the implications of that outlook are for monetary policy.</span></p>