general
Powell urges young Americans to stay patient amid weak job market and AI change
Federal Reserve Chair Jerome Powell told Harvard students not to despair about a slow labor market and cautioned that inflation expectations remain contained even as oil prices rise and AI reshapes work.
Mar 30th 2026 · United States
Insights
- Powell spoke to a Harvard undergraduate economics class on March 30, 2026, and told students the economy will offer long term opportunities despite current challenges.
- Unemployment for 20 to 24 year olds is 7.4% while the overall unemployment rate was 4.4% in February.
- U.S. employers added just 181,000 jobs last year, reflecting lackluster hiring.
- Powell said longer term inflation expectations remain in check even as the war in Iran and higher oil prices create supply shocks.
- Brent crude briefly rose to about $115 a barrel and West Texas Intermediate reached about $101.70 before pulling back.
- Powell said artificial intelligence can boost productivity but workers must invest time to learn new technologies.
- Powell is set to step down as Fed chair in May and will be replaced by Kevin Warsh, whom President Trump nominated in January.
Sources
- Fed’s Powell to Speak at Harvard Economics Class www.bloomberg.com
- Here Are the Takeaways From Powell’s Remarks at Harvard www.bloomberg.com
- Fed's Powell tells students not to despair despite tough job market www.cbsnews.com