Yellen highlights strong job growth in report to Congress
WASHINGTON — Federal Reserve Chairwoman Janet Yellen highlighted the continued strength of job growth in an upbeat report to Congress on Wednesday on the state of the U.S. economy.
In light of the continued growth, the Fed intends to keep raising its benchmark interest rate and to reduce its investment holdings, Yellen said in prepared testimony.
“Looking ahead, my colleagues on the FOMC and I expect that, with further gradual adjustments in the stance of monetary policy, the economy will continue to expand at a moderate pace over the next couple of years,” Yellen said, referring to the Federal Open Market Committee.
Consumer spending has picked up, as has business investment, and the United States is benefiting from stronger growth in other countries.
“A strengthening in economic growth abroad has provided important support for U.S. manufacturing production and exports,” she said.
The unemployment rate among African Americans stood at 7.1 percent in June, the lowest rate since April 2000 — although Yellen noted that it remained above the national unemployment rate.