U.S. Treasury Secretary Janet Yellen sought to reassure the public that the country's economy remains strong, despite a series of weak jobs reports that have rattled investors and weighed on the stock market.
“We’re seeing less of a hiring frenzy, but we’re not seeing meaningful layoffs,” Yellen said at the Texas Tribune Festival in Austin.
I'm mindful of the downside risks now on the employment side, but what I think we're seeing, and I hope we continue to see, is a good, strong economy, she added.
Yellen said job growth has slowed compared to the hiring frenzy when the United States reopened after the Covid-19 pandemic, but the economy is recovering and essentially operating at full employment.
US economy ?? adds 142K jobs in August vs. expectations of 164K jobs, with July numbers revised down to 89K jobs
