Washington

FEDERAL Reserve chair Janet Yellen said that economic gains are finally raising living standards for most Americans as a healthy labour market contributes to higher wages.

"After years of a slow economic recovery, you are entering the strongest job market in nearly a decade," Ms Yellen told a class of graduating students at the University of Baltimore on Monday, according to the text of her commencement address. "There are also indications that wage growth is picking up, and weekly earnings for younger workers have made strong gains over the past couple of years."