Posted 12/6/2023, 3:07:10 AM
Yellen: Economists' Predictions of High Unemployment Prove Overly Pessimistic As Job Market Remains Resilient
- Yellen says economists predicted high US unemployment needed to tame inflation but were "eating their words" as labor market shows little weakness
- Unemployment ticked up to 3.9% in September as job growth slowed, indicating cooling labor market
- There were 1.34 job vacancies for every unemployed person in October, lowest since August 2021
- Yellen says demand continues to be adequate to power economic growth at trend-like rates
- US economy grew at 5.2% annual rate in Q3, boosted by investments in factories, warehouses, equipment and strong consumer demand