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Yellen: Best job market in nearly a decade

Published:Wednesday | December 21, 2016 | 12:00 AM
US Federal Reserve chair, Janet Yellen.

Federal Reserve Chair Janet Yellen said college graduates are entering the strongest job market the country has seen in nearly a decade, and their degree is more important than ever.

Yellen said that with changes in the job market as a result of technology and globalisation, succeeding in the job market is increasingly tied to obtaining advanced degrees.

In remarks prepared for commencement ceremonies at the University of Baltimore, Yellen said that those with a college degree are more likely to find a job, keep a job and have higher job satisfaction and higher salaries.

She said that the increasing demand for people with college and graduate degrees reflects the need for higher technological skills and the impact of globalisation, which allows goods and services to be produced anywhere.

In her remarks, Yellen did not make any comments about Fed interest-rate policies. The Fed last week boosted its benchmark rate by a quarter-point. It was the first increase in a year.

- AP