10/22/2021

Yellen Upbeat on Labor Market's Recovery

The 'unusual shock' of the pandemic has hampered job growth

Treasury Secretary Janet Yellen says that the U.S. economy is still on track for a strong recovery from the “very unusual shock” of the pandemic despite labor shortages and high inflation.

In an interview with MSNBC’s Stephanie Ruhle that aired Wednesday, Yellen expressed confidence that hiring troubles would fade and leave workers better off than they were before the pandemic as the U.S. shakes off a delta-driven slowdown.

Surging cases driven by the delta variant dramatically slowed job growth in August and September while redirecting a rising tide of consumer spending away from the hard-hit service sector and toward goods. Industries still struggling to recover from the pandemic saw job growth stall as the shift in spending stoked inflation and overloaded already overwhelmed supply chains.

Please select this link to read the complete article from The Hill.