Thursday, October 8th14.2°C

Fed chair says unemployment rate is not sufficient to measure economy

WASHINGTON - 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 per cent.

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 per cent. The Fed will assess other measures of the economy as well.

The unemployment rate has fallen despite sluggish growth of 1.9 per cent 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.

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX13892.14+23.79
S&P CDNX544.50+2.05
S&P 5001996.57+0.74
CDN Dollar0.7687+0.0036
Natural Gas2.522+0.048

Okanagan Companies
Pacific Safety0.225+0.015
QHR Technologies Inc1.23-0.02
Metalex Ventures0.05+0.00
Russel Metals21.62-1.50
Copper Mountain Mining0.60-0.03
Colorado Resources0.075+0.005
ReliaBrand Inc0.019+0.016
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp3.11-0.10
Diamcor Mining0.95+0.07


24294434958 Buckhaven Ct.
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...


Member of BC Press Council