Fed's Harker: Young People Face 'Significant Barriers' in Job Market

Young people continue to confront "significant barriers" in the job market despite the U.S. economy's rebound in recent years, Federal Reserve Bank of Philadelphia President Patrick Harker said Wednesday. "In order to meet the needs of our young people and to secure our long-term economic future, we need to make real investments in their training and employment today," Mr. Harker said in welcoming remarks prepared for delivery at a conference on youth unemployment hosted by the Philadelphia Fed in Philadelphia. "It is key to support these individuals not just as students, but as neighbors, as members of our community and as part of our economy. This approach will bolster our efforts in helping to put young people on a path of success and in addressing a pressing issue in our regional and local economies." Mr. Harker, who took office July 1, didn't comment in his speech on the outlook for the U.S. economy or monetary policy. He is scheduled to speak again Friday morning at a policy forum hosted by the Philadelphia Fed. Fed officials have signaled they may begin to raise short-term interest rates, which have been pinned near zero for seven years, at their coming Dec. 15-16 policy meeting. Earlier Wednesday, Federal Reserve Bank of Atlanta President Dennis Lockhart said that "absent information that drastically changes the economic picture and outlook, I feel the case for liftoff is compelling."