Activity report: Federal Reserve raises outlook for US economy and jobs | Video
The Federal Reserve delivered its latest report on the country’s economy on Wednesday. The bottom line? The Fed believes the economy will accelerate. Officials now expect the US economy to grow 7%; this is above previous expectations of 6.5% and would represent a sharp rebound from where we were a year ago. Federal Reserve Chairman Jerome Powell expects the job market to recover and the unemployment rate to drop to 4.5%. As the economy continues to recover, the Fed will keep interest rates low this year and next. A potential hot spot: Inflation is rising and the Fed expects costs to continue to rise for the immediate future.
A bill designed to train the next generation of workers for manufacturing jobs in New Jersey has cleared a Senate committee. The legislation would establish a manufacturing career path, which would be offered at vo-tech schools and community colleges. Currently, thousands of jobs are available in manufacturing companies, which are struggling to fill these positions. The bill, which enjoys bipartisan support, cleared the Senate higher education committee this week.
Mortgage rates have come down somewhat, but that doesn’t help everyone looking to buy a home. As house prices continue to rise, the issue of affordability has become a growing concern for many first-time buyers and a big issue for minority households. A major bank – JP Morgan Chase – says it has launched a new program to improve housing affordability and provide more opportunities for black and Latin households. He plans to work with organizations like the Urban Institute and some nonprofits, and has pledged $ 400 million towards that effort.
LOOK: Activity report: lawmakers propose to grant residents a payment of $ 500 for “return to work”
AFTER: Activity report: end of moratorium on utility shutdowns, but customers will have a grace period to pay their bills