Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
Long-term unemployment can make any worker progressively less employable, even after the economy strengthens.
Interpretation
What this quote means
Long-term unemployment decreases a worker's chances of being hired, even in a recovering economy.
This quote highlights the detrimental effects of prolonged unemployment on an individual's employability. Janet Yellen emphasizes that not only does the experience of being unemployed take a toll on a person's skills and confidence, but it can also lead to a long-lasting impact on their ability to secure future employment, even when job opportunities increase as the economy recovers.
Themes
UnemploymentEmployabilityEconomyWorkerSkills
In practice
Example use cases
In a discussion about job market challenges, one might quote this to illustrate the importance of addressing long-term unemployment.
More from Janet Yellen
All quotes βWe need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags. This means that policy makers cannot wait until they have achieved their objectives to begin adjusting policy.
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A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.
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Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.
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For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
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Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people.
Janet YellenRead
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