The US southern region is currently experiencing the lowest unemployment rate in the country at 6.9%.
It is noteworthy that many Southern states including Georgia and Florida were among the first to open up portions of their economy while business lockdowns were in place in many parts of the country to prevent the spread of coronavirus.
That is not why the unemployment rate in the region is so low compared to the Northeast where the rate is three percent higher since August, Atlanta Federal Reserve President Raphael kertic said.
“The virus came to us after reaching California, the West Coast and New York. And so we learned a few things about how we could run and operate our economy, including the virus,
“That has become something that has been extremely rewarding,” he added.
That being said, kertic expressed concern over the taste of the region’s economic recovery.
“In some segments, the economy is gaining and returning in a very stable manner,” he said. Hotels, restaurants and small businesses “in particular minority and low-income communities,” he said “are seeing more difficult situations.”
“Those are the segments where we don’t see that recovery, that’s really what I care about as we move forward.”
Kertic, the first Black to head a regional Fed, was floated as elected by Democratic presidential candidate Joe Biden as either the Chairman of the Federal Reserve or Secretary of the Treasury if he won the election.
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CBS ‘Margaret Brennan asked kertic if she was interested in filling any of those positions.
Kertic replied, “so much is happening now that I don’t think so,” but did not say he would refuse any position.