Janet Yellen Highlights Stabilizing U.S. Job Market Amid Slowed Wage Growth

U.S. Treasury Secretary Janet Yellen addressed the current state of the U.S. labor market, noting its resemblance to pre-pandemic conditions. While the number of job openings has decreased and labor force participation has increased, wage growth has slowed, reducing the threat to inflation.

U.S. Treasury Secretary Janet Yellen on Thursday said the U.S. employment picture increasingly resembles the job market that existed prior to the COVID-19 pandemic and slowing wage growth is not a threat to add to inflation.

"The labor market has become a little less hot, a little bit more normal. The number of job openings has decline some. We've had a burst in labor force participation," Yellen said in an interview with CNBC. "And so the labor market now is resembling what it looked like pre-pandemic. Wages are increasing but at a slower rate. And so that doesn't really look like it's a threat to inflation." (Reporting By Dan Burns; Editing by Toby Chopra)