Segments From this episode
New report from the Federal Reserve Bank of New York provides more evidence of some workers getting left behind while others rebound
This new report also found that low-wage workers have borne the brunt of job cuts during the pandemic. Marketplace's Nancy Marshall-Genzer has more.
"Today's CPI, that consumer price index, measuring how prices have fared, year over year, shows an increase of only 1.3%. That is not inflation territory and the market is going to take that as a good sign," said Susan Schmidt, head of U.S. equities with Aviva Investors. That said, inflation is something to keep an eye on as negotiations among lawmakers for more economic relief continue. "Remember that the Fed has said that they want inflation to average about 2%," Schmidt said. Over time, we've been well under, so if we exceed 2%, it's likely that the Fed still won't change interest rates. We're coming in well below 1.3%. I think that gives us plenty of room to move, and it's going to reassure investors that the Fed is going to hold tight for now, and interest rates aren't going to increase anytime soon."
The area's hospitality industry has suffered economically during the pandemic.