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VOL. 128 | NO. 223 | Thursday, November 14, 2013

Yellen Calls Economy and Job Market Still Subpar

MARTIN CRUTSINGER | AP Economics Writer

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WASHINGTON (AP) – Janet Yellen says the economy has regained ground lost to the deepest recession since the 1930s. But she says unemployment remains too high at 7.3 percent and the Fed is trying to accelerate the recovery.

In testimony prepared for her confirmation hearing Thursday, Yellen says the job market and the economy are still performing far below their potential. And she notes that inflation is running well below the Fed's 2 percent target.

Yellen says that supporting the economy is the "surest path to returning to a more normal approach" to Fed interest-rate policies in the future. Her comments appear to be a signal that she favors continued use of the extraordinary support measures the Fed has been using to keep borrowing rates low.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 217 5,290
MORTGAGES 94 276 6,985
FORECLOSURE NOTICES 22 72 1,628
BUILDING PERMITS 384 712 12,691
BANKRUPTCIES 66 241 5,541
BUSINESS LICENSES 27 85 2,146
UTILITY CONNECTIONS 52 234 7,292
MARRIAGE LICENSES 10 53 1,511

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