Forex – US Treasury Secretary Janet Yellen said the US economy remains strong despite the weak employment report.
“We are seeing less of a hiring frenzy and less job postings, but we are not seeing meaningful layoffs,” Yellen said, trying to reassure the public. “I am mindful of the downside risk on the jobs side right now, but what I think we are seeing and what I expect we will continue to see is a good, solid economy.”
Yellen argued that job growth has slowed compared to the “hiring frenzy” when the US reopened following the Covid-19 pandemic, but that the economy is “deep in recovery” and “operating at essentially full employment.”
“I don’t see any red lights flashing,” Yellen said. “It was really incredible to be able to bring inflation down so significantly. This is what many people call a soft landing.”
