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Recovery in labour market is far from complete, says Yellen

[WASHINGTON] US Federal Reserve chairman Janet Yellen said more work is needed to restore the labour market to health and pledged to maintain her predecessor's policies by scaling back stimulus in "measured steps".

While growth has picked up, "the recovery in the labour market is far from complete", Ms Yellen said yesterday in the text of remarks to the House Financial Services Committee. "I am committed to achieving both parts of our dual mandate: helping the economy return to full employment and returning inflation to 2 per cent while ensuring that it does not run persistently above or below that level."

Ms Yellen, 67, delivered her first public remarks as Fed chairman as policy makers pursue...

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