Newspaper article International New York Times

Chairwoman of Fed Puts Focus on Jobs

Newspaper article International New York Times

Chairwoman of Fed Puts Focus on Jobs

Article excerpt

Her speech offered a strong reminder of her concern about unemployment, and a rebuttal to economists who fault the Fed's ability to improve labor conditions.

Janet L. Yellen, the new Federal Reserve chairwoman, said Monday that Americans had plenty of reason to feel like the economy was still in recession and that the central bank remained determined to improve the situation.

In her first public speech, Ms. Yellen, said that even now, almost five years after the official end of the Great Recession, it remains harder for Americans to find jobs than in the midst of a typical downturn. For those who are working, wages are rising more slowly than usual.

"There remains no doubt that the economy and the job market are not back to normal health," Ms. Yellen said. "The recovery still feels like a recession to many Americans, and it also looks that way in some economic statistics."

Ms. Yellen's speech offered a strong reminder of her concern about unemployment and a rebuttal to economists who see evidence that the Fed is approaching the limits of its ability to improve labor market conditions. …

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