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VOL. 129 | NO. 55 | Thursday, March 20, 2014

Yellen: US 'Not Close to Full Employment'

JOSH BOAK | AP Economics Writer

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WASHINGTON (AP) – Federal Reserve Chair Janet Yellen says the U.S. economy is "not close to full employment," even as the unemployment rate has dropped a full percentage point over the past 12 months to 6.7 percent.

The Fed downplayed the importance of the unemployment rate as a sign of the economy's health. Fed officials ended their two-day meeting having eliminated a previous commitment to consider raising short-term interest rates once the unemployment rate fell below 6.5 percent. The Fed will assess other measures of the economy as well.

The unemployment rate has fallen despite sluggish growth of 1.9 percent last year, in part because many people have stopped looking for work. Once people stop seeking a job, they're no longer counted as unemployed, and the unemployment rate can fall as a result.

Copyright 2014 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 This material may not be published, broadcast, rewritten or redistributed.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 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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