Policymakers need to keep diversity and structural racial inequalities in mind when analyzing the labor market and other measures of the economy, two Federal Reserve officials said on Tuesday.
The standard metric used for evaluating U.S. unemployment is flawed because it does not capture the experiences of different groups, and officials should be open minded about how they evaluate full employment, Minneapolis Federal Reserve Bank President Neel Kashkari said during a virtual forum on race and economic mobility."It's clear that the headline unemployment is deeply flawed as a measure.
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