Fed's Harker says U.S. economy in good shape but employment is down significantly

There are still nearly 7.6mln fewer people working than before the pandemic, he said

  
Athletics - New York City Marathon - New York City, New York, U.S. - November 4, 2018 General view of the New York skyline as athletes run past during the Professional Men's race.

Athletics - New York City Marathon - New York City, New York, U.S. - November 4, 2018 General view of the New York skyline as athletes run past during the Professional Men's race.

REUTERS/Darren Ornitz

The U.S. economy overall is in good shape and rebounding rapidly from last year's decline, but much improvement is needed in the labor market, Philadelphia Federal Reserve Bank President Patrick Harker said on Thursday.

U.S. economy growth "has come roaring back" and some metrics including consumption, housing, and manufacturing are now "extremely healthy," Harker said.

"But even as GDP has almost entirely recouped its losses from last year, employment remains down significantly," Harker said in remarks prepared for a virtual event as part of the Official Monetary and Financial Institutions Forum.

While some workers are seeing their incomes rise, there are still nearly 7.6 million fewer people working than before the pandemic, he said.

(Reporting by Jonnelle Marte) ((Jonnelle.Marte@thomsonreuters.com; +1 646 978 0908;))


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