DAMMIT JANET… WHAT’S WITH THE JOB MARKET?

Janet YellenAn End in Sight?

BY: Brian St. Louis

It’s no question that the recent recession of ‘08 hit the US hard. Many small businesses were forced to shut down, and many larger corporations required millions (if not billions) in bailouts. But at least we’re out of the woods now right? According to a recent interview with Federal Reserve Chair Janet Yellen, at Bloomberg.com, there may still be a long road ahead of those looking for the job market to rebound.

“This extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policy makers… The scars from the Great Recession remain, and reaching our goals will take time” says Yellen at a recent conference in Chicago.

Yellen goes on to emphasize that the government is looking to put 10.5 unemployed Americans back to work, and this is its main goal. So far in January 2014, the unemployment rate was the lowest it has been since October 2008, at 6.6 percent. In the recent months however, data shows that number is increasing slightly, up to 6.7 percent. This seems to contradict the fact that the economy created 175,000 in February, which is more than the projected number of jobs thought to be created.

Yellen also mentions a larger amount of ‘slack’ in the open job market, citing evidence such as “Large numbers of partly unemployed workers, stagnant wages, lower labor-force participation and longer periods of joblessness.” Yellen makes it clear that she doesn’t just want to decrease the unemployment rate but also the part-time employment rate, as there are still over 7 million Americans working part-time who would rather be working full time.

Although Yellen does not give a specific timetable, she makes it clear that even though the economy is still feeling the after effects of the ‘Great Recession’ as she calls it, and makes a point to mention that the government is not done trying to jump start the economy. Whether or not the idea of job creation and massive stimulation of  the economy will work in the long run is still yet to be seen, but whether it works or not the government has clearly not forgotten about all those Americans hurt by the recession.

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Here at Crossroads Consulting, we put the ‘Human’ back into ‘Human Resources.’

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