Harker’s Insights on Poverty Measurement

NEW YORK (Reuters) – Federal Reserve Bank of Philadelphia President Patrick Harker stated on Tuesday that the actual level of poverty in the United States might be understated. His comments did not directly address monetary policy or the economic outlook.

Harker remarked, “The way we have historically measured economic stability of low-income households may no longer work,” in an essay focusing on economic mobility issues. He pointed out that a family earning twice the federal poverty line metric may still encounter significant economic challenges.