Economics
Fed’s Harker Says U.S. Economy Won’t Grow Unless Workers Retrain
- Philly Fed chief urges government incentives for job training
- Some sectors may be facing permanent jobs decline, Harker says
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American workers will need to upgrade their skills if the U.S. economy is to continue growing and it’s urgent that the government provide incentives for retraining, Federal Reserve Bank of Philadelphia President Patrick Harker said.
“The economy will not grow unless we bring people up from the lower-skilled jobs into the middle class,” Harker said Tuesday during in interview with Bloomberg’s Carol Massar. “We really need to focus on retraining those people into different jobs as quickly as we can.”