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Fed Chair Highlights How Obama-Clinton Policies Aren't Working

- June 21, 2016

At A Senate Hearing, Yellen Testified That Growth Was "Uneven," Called Recent Jobs Reports "A Substantial Slowdown," And Said The Unemployment Rate Was Only Down Because People Have Stopped Looking For Work

Federal Reserve Chair Janet Yellen Called Recent Estimated Economic Growth "Uneven," Citing A Weak GDP Growth In The First Quarter Of This Year. FEDERAL RESERVE CHAIR JANET YELLEN: "Economic growth has been uneven over recent quarters. U.S. inflation-adjusted gross domestic product (GDP) is currently estimated to have increased at an annual rate of only 3/4 percent in the first quarter of this year. Subdued foreign growth and the appreciation of the dollar weighed on exports, while the energy sector was hard hit by the steep drop in oil prices since mid-2014; in addition, business investment outside of the energy sector was surprisingly weak." (Janet Yellen, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Testimony, 6/21/16)

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Yellen Said That Jobs Numbers From The Last Few Months Were "A Substantial Slowdown." YELLEN: "For the last few months, as I mentioned, job gains averaged 100,000 on a strike-adjusted basis, which is a substantial slowdown from the first quarter and last year." (Janet Yellen, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Testimony, 6/21/16)

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  • Yellen Said That The Unemployment Rate Only Fell In May Because "Fewer People Reported That They Were Actively Seeking Work." YELLEN: "In April and May, however, the average pace of job gains slowed to only 80,000 per month or about 100,000 per month after adjustment for the effects of a strike. The unemployment rate fell to 4.7 percent in May, but that decline mainly occurred because fewer people reported that they were actively seeking work. A broader measure of labor market slack that includes workers marginally attached to the workforce and those working part-time who would prefer full-time work was unchanged in May and remains above its level prior to the recession." (Janet Yellen, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Testimony, 6/21/16)

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Yellen Called It "Troubling" That African-Americans Have Not Recovered From The Recession, Citing The Lack Of Income Growth And Continuing High Unemployment For African-Americans Since The Recession. YELLEN: "It is troubling that unemployment rates for these minority groups remain higher than for the nation overall, and that the annual income of the median African American household is still well below the median income of other U.S. households." (Janet Yellen, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Testimony, 6/21/16)

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