Fed's Harker says US poverty levels may be understated
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Federal Reserve Bank of Philadelphia President Patrick Harker stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S. August 24, 2023. REUTERS/Ann Saphir
NEW YORK (Reuters) -Federal Reserve Bank of Philadelphia President Patrick Harker said on Tuesday the true level of poverty in the United States might be understated, in comments that did not address the monetary policy and economic outlook.
“The way we have historically measured economic stability of low-income households may no longer work,” Harker said in an essay on economic mobility issues. He said a family earning twice the federal poverty line metric may still face big economic challenges.
(Reporting by Michael S. Derby; Editing by Andrea Ricci)
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