US could return to full employment in 2022: Yellen

Washington, Feb 8 : The US could return to full employment in 2022 if President Joe Biden’s $1.9 trillion Covid-19 relief package is implemented, Treasury Secretary Janet Yellen said.
“There’s absolutely no reason why we should suffer through a long, slow recovery,” Xinhua news agency quoted Yellen as saying in a CNN interview on Sunday.
“I would expect that, if this package is passed, that we would get back to full employment next year.” Citing a recent analysis from the Congressional Budget Office, Yellen said the US unemployment rate is going to “stay elevated for years to come” without additional support.
“It would take until 2025 in order to get the unemployment rate down to 4 per cent again,” she said.
US employers added just 49,000 jobs in January, after slashing downwardly revised 227,000 jobs in December 2020, the Labour Department reported.