Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh/Pool via REUTERS
"The economy is reopening, bringing stronger economic activity and job creation," Powell said in remarks prepared for delivery at a conference of the National Community Reinvestment Coalition. "That is the high-level perspective - let’s call it the 30,000-foot view - and from that vantage point, we see improvement. But we should also take a look at what is happening at street level.
About 20% of people aged 25 to 54 - the prime working years for U.S. adults - without a four-year college degree were laid off in 2020, versus 12% for those with at least a bachelor's degree. The SHEDreport is an important annual benchmark of household economic health, and will be watched closely when it is released later this month for signs of possible longer-term damage from the pandemic.