Fixing jobs market means more than low unemployment, Fed's Clarida says

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The Federal Reserve will use a broad set of employment measures including the labor force participation rate to determine when the economy has returned to 'maximum employment,' part of an aggressive new approach to repairing the U.S. job market, Fed Vice Chair Richard Clarida...

FILE PHOTO: Federal Reserve Vice Chairman Richard Clarida, greets a member of the Dallas Fed staff before boarding a bus to tour South Dallas as part of a community outreach by U.S. central bankers, in Dallas, Texas, U.S., February 25, 2019. REUTERS/Ann Saphir

In an extensive elaboration on the new strategy, Clarida said the U.S. central bank was continuing to monitor the country’s economic progress during the coronavirus pandemic, and how its various programs - including the ongoing purchase of $120 billion per month in government securities - might best be deployed.

But he did spell out just how firmly the Fed is committed to not just returning the U.S. economy to a low unemployment rate, but ensuring that sidelined former workers are also drawn back into jobs after the dramatic job losses last spring. As long as those indicators are depressed, and as long as inflation remains controlled, “monetary policy should ... continue to be calibrated to eliminate such employment shortfall,” Clarida said, with rates low and other programs like government bond purchases still in place.

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