Investing.com – Federal Reserve Chairwoman Janet Yellen this afternoon said the job market in the U.S. is now the “strongest” in nearly a decade during a speech in Baltimore, pushing down the price of the U.S. dollar against all major currencies except the Canadian dollar.
The greenback was down against the , at 0.64%, 117.22, and was down against the by 0.66% to 1.2404 and against the , by 0.24%, at 1.0422.
Fed studies shows that those who enter the workforce during a strong economy are more likely to find a good job, stay employed, and earn a consistently higher salary, the Fed chairwoman said.
“After years of a slow economic recovery, you are entering the strongest job market in nearly a decade,” Yellen said in a brief commencement address that did not attempt to tackle policy questions facing the U.S. central bank.
Yellen said new graduates have now “done the one thing” that is most important to a successful working life: earning the degrees they are receiving.
“Economists are not certain about many things. But we are quite certain that a college degree are more likely to find a job, keep a job, have higher job satisfaction and earn a higher salary,” Yellen said.
College graduates’ annual earnings were, on average, 70% higher than those with only a high-school diploma.
This gap was only 20% in 1980.
Technology and globalization are two important factors driving the differentiation.
In her speech, Yellen said signs of a healthy job market “abound,” including steady job creation, low layoff rate and more openings for new jobs.
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