{"id":76165,"date":"2024-09-08T06:00:10","date_gmt":"2024-09-08T06:00:10","guid":{"rendered":"http:\/\/guid_108030713"},"modified":"2024-09-08T06:00:10","modified_gmt":"2024-09-08T06:00:10","slug":"yellen-says-u-s-economy-remains-solid-on-path-to-soft-landing-with-no-meaningful-layoffs","status":"publish","type":"post","link":"https:\/\/wp.timesamerica.net\/yellen-says-u-s-economy-remains-solid-on-path-to-soft-landing-with-no-meaningful-layoffs\/","title":{"rendered":"Yellen says U.S. economy remains solid, on path to ‘soft landing’ with no meaningful layoffs"},"content":{"rendered":"\n
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U.S. Secretary of the Treasury Janet Yellen speaks listens to a presentation during a tour at the IRS Processing Facility on September 06, 2024 in Austin, Texas. <\/div>\n
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Treasury Secretary Janet Yellen<\/span> sought to reassure the public on Saturday that the U.S. economy remains strong, despite a string of weak job reports that have rattled investors and weighed on the stock market. <\/p>\n

“We’re seeing less frenzy in terms of hiring and job openings, but we’re not seeing meaningful layoffs,” Yellen said at the Texas Tribune Festival<\/span> in Austin. “I’m attentive to downside risk now on the employment side, but what I think we’re seeing, and hope we will continue to see, is a good, solid economy.”<\/p>\n

Yellen said job growth has slowed compared to the “hiring frenzy” when the U.S. reopened after the Covid-19 pandemic, but the economy is “deep into a recovery” and “basically operating at full employment.” <\/p>\n

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The treasury secretary’s comments come a day after the Bureau of Labor Statistics<\/span> reported another month of cooler-than-expected jobs data.<\/p>\n

Nonfarm payrolls<\/span>, a measure of U.S. job creation, increased by 142,000 in August, lower than the Dow Jones forecast of 161,000. The miss renewed worries about a slowing labor market, with the S&P 500 falling Friday to finish out the worst week since March 2023<\/span>. <\/p>\n

The unemployment rate, however, edged lower to 4.2% and job growth in August was higher than July. The stock market sold off steeply early last month<\/span>, after the weak July report touched off renewed fears of a recession in the U.S. <\/p>\n

Yellen on Saturday tried to calm jitters about the state of the economy: “I don’t see red lights flashing.”<\/p>\n

The jobs data has raised worries about whether the Federal Reserve can clinch a so-called “soft landing,” raising interest rates to bring inflation under control and then executing cuts before the economy enters a recession. The Fed is widely expected to lower interest rates this month. <\/p>\n

Yellen said the U.S. is on that path: “It really has been amazing to be able to get inflation down as meaningfully as we have. This is what most people would call the soft landing,” she said. <\/p>\n<\/div>\n

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U.S. Secretary of the Treasury Janet Yellen speaks listens to a presentation during a tour at the IRS Processing Facility on September 06, 2024 in Austin, Texas.  Brandon Bell | Getty Images Treasury Secretary Janet Yellen sought to reassure the public on Saturday that the U.S. economy remains strong, despite a string of weak job …<\/p>\n","protected":false},"author":1,"featured_media":76166,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-76165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bussiness","has-thumb","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts\/76165"}],"collection":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/comments?post=76165"}],"version-history":[{"count":0,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts\/76165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/media\/76166"}],"wp:attachment":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/media?parent=76165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/categories?post=76165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/tags?post=76165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}