"Experts" Eating Their Words As Labor Market Stabilizes: Yellen

US Treasury Secretary Janet Yellen has stated that economists who predicted high US unemployment as necessary to curb inflation are "eating their words" as the economy shows little weakness in the labor market and consumer demand, while prices moderate, David Lawder reported for Reuters.

"We're not seeing the usual signs of a weakening labor market that would make you fear a recession," Yellen told reporters during her trip to Mexico City. I Photo: Secretary Janet Yellen X

"We're not seeing the usual signs of a weakening labor market that would make you fear a recession," Yellen told reporters during her trip to Mexico City.

"Economists who've said it's going to require very high unemployment to get this done are eating their words," she said, referring to the factors needed to bring inflation under control. "So it doesn't seem at all like it's requiring higher unemployment."

The US Labor Department is set to report October jobs data on Friday, a crucial signal for Federal Reserve policymakers considering interest rates.

September's unemployment rate increased to 3.9%, and new data on Tuesday revealed a further cooling in the labor market, with 1.34 job vacancies for every unemployed person in October, the lowest since August 2021 and down from 1.47 in September.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem