Fed Chairman: The economy is slowly improving for low-income Americans

Federal Reserve Chairman Jerome Powell said in a public statement on May 3rd, local time, that the economic outlook for low-income working-class Americans had improved, but at a slower pace.

Powell stressed that despite the economic recovery, the U.S. is not out of the woods yet and needs the continued support of policymakers. The outbreak has had a significant impact on ethnic minorities and the female working class, including racial inequalities in unemployment and childcare education.

Powell said the Fed is concerned about long-standing disparities in this area because racial inequality affects U.S. productive capacity.