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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 This material may not be published, broadcast, rewritten or redistributed.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 78 78 7,750
MORTGAGES 100 100 9,764
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 17,136
BANKRUPTCIES 49 49 6,314
BUSINESS LICENSES 27 27 2,865
UTILITY CONNECTIONS 0 0 9,124
MARRIAGE LICENSES 42 42 2,145

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