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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 This material may not be published, broadcast, rewritten or redistributed.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 71 71 5,233
MORTGAGES 83 83 7,253
FORECLOSURE NOTICES 0 0 1,614
BUILDING PERMITS 186 186 12,254
BANKRUPTCIES 41 41 4,875
BUSINESS LICENSES 21 21 2,146
UTILITY CONNECTIONS 87 87 6,711
MARRIAGE LICENSES 31 31 1,521

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