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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 This material may not be published, broadcast, rewritten or redistributed.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 86 313 4,762
MORTGAGES 97 409 6,640
FORECLOSURE NOTICES 34 147 1,475
BUILDING PERMITS 0 705 11,294
BANKRUPTCIES 53 311 4,525
BUSINESS LICENSES 41 177 1,983
UTILITY CONNECTIONS 64 436 6,253
MARRIAGE LICENSES 19 132 1,373

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