Even with the improving labor market, I still hear from businesses that qualified workers are difficult to find, and labor shortages remain a drag on hiring and on economic growth. Now let me turn to the implications of this outlook for monetary policy.
The transaction limit below which a PIN is not required for a contactless card payment was (temporarily) raised from $ to $ to further reduce the need to touch terminals. Banks promoted mobile payments, which, because of biometric identification, often do not require PINs even for large purchases.