The Fed stressed that the unemployment rate is the lowest in the country


Federal Reserve Bank of Atlanta

The US southern region is currently experiencing the lowest unemployment rate in the country of 6.9%.

Several southern states, including Georgia and Florida in particular, were the first to reopen parts of their economies, while trade lockdowns were in many parts of the country to curb the spread of coronovirus.

Rafael Biolitik, president of the Atlanta Federal Reserve, said this is why the unemployment rate is not so low in the region compared to the Northeast, where the rate is three percent higher.

“The virus came to us after it left for California, the West Coast and New York. And so we got to learn a few things about how we can and do conduct our economics with the virus,” the BOT Sunday In CBS ‘”Face the Nation”.

He said that it has proved very useful.

The BOT is said to have expressed concern about the region’s economic recovery trajectory.

“In some areas, the economy is recovering and rebounding in a very strong way,” he said. Hotels, restaurants and small businesses “especially in minority and low-income communities,” he said “are looking at more difficult situations.”

“The segments where we’re not seeing that recovery, I’m really concerned with that as we move forward.”

Bostic, who is the first black leader of a regional Fed, has been elected as Democratic Presidential candidate Joe Biden, either as President of the Federal Reserve or as Treasury Secretary if he wins the election.

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Margaret Brennan of CBS asked Biastic if he would be interested in filling one of those positions.

Bastick replied, “There’s a lot going on now that I’m not thinking of him,” but didn’t say he would close the situation either.

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