So let me first and foremost thank the South African Institute of International Affairs and the Chair of Monetary Policy here at the University of Pretoria for providing me with this opportunity for such dialogue today.
Over the past three months, employment rose by an average of 408,000 jobs per month, down from the average pace seen earlier in the year but still robust. Improvements in labor market conditions have been widespread, including for workers at the lower end of the wage distribution as well as for African Americans and Hispanics.