Yellen: ‘The Hurricanes Severely Disabled the Labor Market in the Affected Areas’

‘However, such effects shall unwind relatively quickly’

EXCERPT:

YELLEN: "In the labor market, job gains averaged 185,000 per month over the three months ending in August, a solid rate of growth that remained well above estimates of the pace necessary to absorb new entrance to the labor force. We know from some timely indicators such as initial claims for unemployment insurance that the hurricanes severely disrupted the labor market in the affected areas and payroll employment may be substantially affected in September. However, such effects should unwind relatively quickly."

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