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US Treasury Sec. Yellen: We will reach full economic employment next year

US Treasury Secretary Janet Yellen said on Friday that the April jobs report underscores the long climb back to the US economic recovery, as reported by Reuters.

Additional takeaways

"Bright economic spots in service industries, expanding labor market."

"There has been remarkable economic progress."

"I believe we will reach full economic employment next year."

"It's still important to consider ways to build back better."

"One undeniable impact is lack of available care for families so they can work."

"Pandemic has made clear families need more support."

"I am confident we will have a strong economy in 2021 and 2022."

"It is clear some people are not ready to return to labor force, especially parents."

"I don't think additional unemployment benefits is really the factor keeping workers out of labor market."

"Road back to economic recovery is going to be bumpy with some setbacks."

"Money from recovery plan will help boost spending in coming months."

"I doubt we are going to see an inflationary cycle."

"We expect some higher inflation over the next couple of months for technical reasons."

"Wage growth has not picked up meaningfully."

Market reaction

These comments don't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was up 0.62% on a daily basis at 4,227.

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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