Monday, March 31, 2014

Janet Yellen — What the Federal Reserve is Doing to Promote a Stronger Job Market

I am here today to talk about what the Federal Reserve is doing to help our nation recover from the financial crisis and the Great Recession, the effects of which were particularly severe for the people and the communities you serve....
What the Federal Reserve is Doing to Promote a Stronger Job Market
Chair Janet L. Yellen
At the 2014 National Interagency Community Reinvestment Conference, Chicago, Illinois. March 31, 2014


Matt Franko said...

"One of the most important things you do is to help people meet the demands of finding a job in what remains a challenging economy. And that help is crucial, but I also believe it can't succeed without two other things....

The first of these is the courage and determination of the people you serve.....

It might seem obvious, but the second thing that is needed to help people find jobs."

ok... what we need to be able to help people get jobs according to these monetarist idiots is:

1. Courage

2. Jobs


Peter Pan said...

3. Faith in the skills Fairy

...based on the evidence available, it is clear to me that 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. Most of my colleagues on the Federal Open Market Committee and I estimate that the unemployment rate consistent with maximum sustainable employment is now between 5.2 percent and 5.6 percent, well below the 6.7 percent rate in February.

Eventually the 'recovery' will deliver a 1% decrease in the official unemployment rate.

There was much talk about 'slack' or structural unemployment. I suppose the 5.2 to 5.6 NAIRU rate could also substitute as the structural unemployment rate if inflation remains low.
And in any case, there is nothing the Federal Reserve can do about structural unemployment. When private employers cannot find the skilled help they need, that is their problem. Do they expect the government to develop and train their workforce for them? The nerve of these socialists!

In other words, a pat-on-the-back stay-the-course speech.