For the unemployed and underemployed, the news from Federal Reserve Board Chair Janet Yellen’s press conference yesterday was good. Yellen, fresh from the meeting of the Federal Open Market Committee, began by telling them what they already know: jobs are still too scarce. Then she told them what they hoped to hear: she believes a “meaningful” portion of those looking for work are victims of a cyclical, rather than a structural decline in the percentage of people in the labor market.
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