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US job market 'hampered' - Yellen
22 Aug 2014 15:03
US labour markets remain hampered by the effects of the recession and the Federal Reserve should move cautiously in determining when interest rates should rise, the Fed chief said today.
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In a speech at the Jackson Hole central banking conference, Janet Yellen laid out in detail why she feels the unemployment rate alone is inadequate to evaluate the strength of the US jobs market.
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The US jobless rate has fallen faster than expected, but Yellen said the economic disruption of the last five years has left millions of workers sidelined, discouraged, or stuck in part time jobs.
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She said these facts are not captured in the unemployment rate alone.
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