In prepared remarks for the 2022 Virtual Davos Agenda event hosted by the World Economic Forum on Friday, United States Treasury Secretary Janet Yellen described the nation's labor market as "exceptionally strong."
She specified that more than six million jobs were added in 2021 and that the unemployment rate is under 4%. "By most traditional metrics, the pace of our current recovery has exceeded even the most optimistic expectations," she claimed, attributing the success to coronavirus vaccination efforts and "the robust support to families, businesses, and state and local governments provided by the American Rescue Plan" that the Biden administration had designed early last year.
Yellen noted that the main economic challenges for the US are labor supply issues, inflation and supply chain disruptions. "Our economic recovery will face significant risks until we have moved more decisively past the pandemic," she reiterated.
