Fed Chairman Jerome Powell stated that the Covid-19 epidemic widened the great inequalities in the US economy and stated that women experience more job losses than men.
Powell spoke at the Gender and Economics Conference opening, organized by the Fed’s Board of Directors.
In his speech, Powell, who did not make evaluations on monetary policy, drew attention to the fact that the Kovid-19 epidemic widened the great inequalities in the economy.
Pointing out that women have lost more jobs than men due to the Covid-19 outbreak, Powell reminded that the unemployment rate was 16.1% for women and 13.6% for men in April 2020.
Pointing out that increased childcare responsibilities during the epidemic affected the working life of many parents, Powell said that mothers with young children were more likely to leave the workforce during the epidemic compared to previous periods.
Powell emphasized that the gender gap must be closed for the country’s economy to reach its full potential.
