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COMING UP:Share Opener Variant 2

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00:00:00
you have a strong labor market you've got very low unemployment US unemployment may be out of fifty year low but in many places around the country including Minneapolis where the jobless rate is a stunning two point three percent some people are still being left behind especially in the nation's minority communities economics reporter Howard Schneider has the story job in labor advocates in in north Minneapolis for example they'll say that in some neighborhoods %HESITATION the unemployment rates for for a black man as adults %HESITATION over twenty five sort of prime working age might be forty fifty percent or more of communities that really have not participated fully in this decade long expansion and the US central bank the federal reserve led by Jerome Powell is taking notice the data that were seen earlier this year the fed kicked off a nation wide listening to our from Minneapolis to Dallas from food pantries to a housing project for the homeless looking at the impact of its economic policies on the ground getting feedback from educators small business owners and others and assessing whether a new strategy could bring jobs and higher wages to the group's web missed out on the recovery what is transformed into is a much bigger sort of a discussion about how the economy works and in particular whether the fed might be able to see room for unemployment to fall even lower and really the the gains of the recovery to extend more broadly into into more communities that have so far been left behind to do that the fed would have to rethink longstanding rules about raising interest rates and a strong economy to keep a grip on inflation even if those rate hikes cut off additional job growth recent data has called into question the fear that lower unemployment necessarily leads to higher inflation Flacius close to target and implements under three percent it's a great time for us to be patient , the details of a new way forward are still up for debate but the discussions now under way could bring an historic shift in the fed's thinking about the labor market one that could mean another chance for those left behind in the great recovery