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Yellen: Recovery is on track despite jobs report

May 10, 2021 00:00 AM UTC
- Updated May 10, 2021 13:39 PM UTC

“The 266,000 jobs added in April represent continued progress."

you knew it would be a long road back to recovery. That's why the legislation provided lasting support rather than just a few months of relief. We knew this would not be 100 day battle and today's jobs report underscores the long haul climb back to recovery. So let me be clear, The 266,000 jobs added in April represent continued progress. Indeed, we've made remarkable progress after all. One year ago we learned we've lost over 20 million jobs in one single month. I believe we will reach full employment next year. But today's numbers also show that we're not yet finished is our economy continues to heal. It's important to consider ways in which we can build back better. One of those ways is removing barriers to hire labour market participation. Even though we're seeing sustained job growth now, more jobs ultimately will require more individuals to participate in the labour market. As you know, the top line unemployment rate, you see, it doesn't include the many millions of americans who are not seeking work in progress here is critical. I believe that we're going to the recovery will remain on track and it may be bumpy from month to month for a variety of factors. You know, they're often quite large revisions uh two months as well. Um There is data two days before this, the ADP data that suggested over 700,000 jobs would be created. Um unemployment insurance claims have gone down. So um if I had had to write down a number is my best guess it would have been higher. But I've watched data for a long time and I know that it is extremely volatile. There are often surprises and temporary factors and one should never take one month's data as an underlying trend.