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
