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Fed’s Bowman says U.S. labor market could struggle to return to pre-pandemic levels By Reuters



© Reuters. FILE PHOTO: U.S. Federal Reserve Governor Michelle Bowman offers her first public remarks as a Fed policymaker at an American Bankers Affiliation convention in San Diego, California, U.S., February 11 2019. REUTERS/Ann Saphir

By Jonnelle Marte

(Reuters) – The obstacles making it troublesome for a lot of ladies to work, mixed with a rise in retirements, might hinder the labor market restoration and be a drag on the U.S. financial system, Federal Reserve Governor Michelle Bowman mentioned on Tuesday.

Girls with younger youngsters left the labor drive at a better fee than different employees and a few are nonetheless struggling to seek out childcare they will afford, Bowman mentioned. And lots of the older employees who left the labor drive throughout the pandemic, together with a excessive share of ladies, could not return, Bowman mentioned.

“The lack of these employees will restrict the productive capability of the financial system, and will make it more durable, and even inconceivable within the close to time period, to return to the excessive degree of employment achieved earlier than the pandemic,” Bowman mentioned in remarks ready for a digital occasion hosted by the Richmond Fed.

Bowman didn’t touch upon her outlook for financial coverage within the ready remarks.

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