Fed's Daly speaking
- no reason to expect factors crimping labor supply will be permanent or persistent
- Myriad factors are tempering labor supply at the moment including the need to care for children, fears of Covid, and generous unemployment benefits
- the jobs recovery among workers age 25 to 54 is underway, and is parking back to the pre-pandemic expansion when more people return to work then many policy makers anticipated
Fed's Daly is the president of the San Francisco Fed. She is a voting member in 2021. She made her comments on the San Francisco Blog. You can read the full blog post by CLICKING HERE.
Meanwhile in other headline news from the Fed, the NY Fed is out with some debt figures for consumers
- Total household debt increased by $313 billion to 14.96 trillion in Q2
- mortgage balances rose by $282 billion in Q2 to $10.44 trillion at the end of June
- credit card balances increase by $17 billion in Q2, but were still $140 billion lower than the end of 2019
- number of credit inquiries within the past six months increase by 3.7% to $121 million after declining since the Q2 of 2020
- auto loans increased by $33 billion in Q2
- student loan balances decreased by $14 billion
- mortgage originations including mortgage refinances rose to $1.22 trillion in Q2
- auto loan originations, which include both loans and leases, reached $202 billion in Q2
