Federal Reserve Chair says economy has "a long way to go"

By WEEK Producer

Credit: MGN online

Federal Reserve Chair says economy has "a long way to go"

March 31, 2014 Updated Mar 31, 2014 at 12:12 PM CDT

CHICAGO, Ill. -- Federal Reserve Chair Janet Yellen said that despite an ongoing economic recovery, Americans are still suffering from high unemployment levels and little wage growth.

She gave her views on the economy Monday at a conference in Chicago.

Yellen said the economy has a long way to go until it reaches full recovery despite the addition of more than 7.5 million jobs since October 2009.

That is when the great recession's unemployment rate topped out at 10-percent.

But even at today's 6.7-percent, Yellen said too many Americans are stuck in part-time jobs and the problem of long-term unemployment is especially worrisome.

“It certainly feels like a recession to many younger workers, to older workers who lost long-term jobs and to African Americans, who are facing a job market today that is nearly as tough as it was during the two downturns that preceded the Great Recession,” Yellen said. “In some ways, the job market is tougher now than in any recession. The numbers of people who have been trying to find work for more than six months or more than a year are much higher today than they ever were since records began decades ago.”

She said the fed remains committed to policies that will spur hiring, investment and consumer spending.

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