The Times-Tribune

Yellen: Best job market in nearly decade

Federal Reserve chair speaks at University of Baltimore commenceme­nt.

- BY MARTIN CRUTSINGER

WASHINGTON — Federal Reserve Chair Janet Yellen said Monday that college graduates are entering the strongest job market the country has seen in nearly a decade, and their degree is more important than ever.

Ms. Yellen said that with changes in the job market such as technology and globalizat­ion, succeeding in the job market is increasing­ly tied to higher education.

“Those with a college degree are more likely to find a job, keep a job, have higher job satisfacti­on and earn a higher salary,” Ms. Yellen said in remarks at commenceme­nt ceremonies at the University of Baltimore.

She said that annual earnings for college graduates last year were on average 70 percent higher than those with only a high school diploma. Back in 1980 that difference was only 20 percent, she said.

Ms. Yellen said the increasing demand for people with college and graduate degrees reflected the need for higher technologi­cal skills and the impact of globalizat­ion, which allows goods and services to be produced anywhere. She said those trends were likely to continue.

“Success will continue to be tied to education, in part because a good education enhances one’s ability to adapt to a changing economy,” she said.

Ms. Yellen said that in addition to the improvemen­t in the unemployme­nt rate, which in November fell to a nine-year low of 4.6 percent, there have been recent signs that wage growth is picking up.

But Ms. Yellen noted that challenges remain.

“The economy is growing more slowly than in past recoveries and productivi­ty growth, which is a major influence on wages, has been disappoint­ing,” she told the graduates.

 ?? PATRICK SEMANSKY / ASSOCIATED PRESS ?? Federal Reserve Board Chair Janet Yellen, center, is hooded for an honorary doctor of laws degree before speaking at the University of Baltimore’s fall commenceme­nt in Baltimore on Monday.
PATRICK SEMANSKY / ASSOCIATED PRESS Federal Reserve Board Chair Janet Yellen, center, is hooded for an honorary doctor of laws degree before speaking at the University of Baltimore’s fall commenceme­nt in Baltimore on Monday.

Newspapers in English

Newspapers from United States