The strong labor market is leading to employment gains among workers with  6  For a formal model of how this mechanism might work, see Michael T. Kiley and John M. Roberts (2017), “Monetary Policy in a Low Interest Rate World,” Brookings Papers on Economic Activity, Spring, pp. 317–96, https://www.brookings.edu/wp-content/uploads/2017/08/kileytextsp17bpea.pdf.
See also Thomas Mertens and John C. Williams (2019), “Tying Down the Anchor: Monetary Policy Rules and the Lower Bound on Interest Rates,” Staff Report 887 (New York: Federal Reserve Bank of New York, May), https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr887.pdf.