U.S. stocks increased on Monday after Federal Reserve Chair Janet Yellen hinted that interest rate might stay low for sometime. The comments relieved concerns about a rate hike coming earlier than expected.
Chair Janet Yellen spoke at the 2014 National Interagency Community Reinvestment Conference, Chicago, Illinois. The speech focused on what the Federal Reserve is doing to promote stronger job market.
It is of high concern within the U.S.A that job markets around the country. There are many states dealing with high unemployment, mainly those who were depend in the manufacturing industry.
Chair Janet Yellen speech highlights:
“…there is also no doubt that the economy and the job market are not back to normal health.”
“At 6.7 percent, the national unemployment rate is still higher than it ever got during the 2001 recession.”
“the job market is tougher now than in any recession. The numbers of people who have been trying to find work for more than six months or more than a year are much higher today than they ever were since records began decades ago.”
“the U.S. economy is still considerably short of the two goals assigned to the Federal Reserve by the Congress. The first of those goals is maximum sustainable employment, the highest level of employment that can be sustained while maintaining a stable inflation rate”
read the complete speech here: http://www.federalreserve.gov/newsevents/speech/yellen20140331a.htm