Treasury Secretary Janet Yellen said she believes that there is a chance to bring down inflation while maintaining a strong labor market, she said during an interview with CNBC, which she shared on social media.
"I see a path to bringing down inflation while maintaining a strong labor market," she wrote on June 7 on Twitter. "Recent data shows unemployment close to 50-year lows and inflation coming down from its peak, but there is more progress to be made."
She shared an interview she conducted on CNBC's "Squawk Box," in which Yellen emphasized the importance of a strong labor market, saying that while unemployment remained low, there were signs of easing pressures that could contribute to bringing inflation down.
"Inflation has now come down about 4% from its peak, and I think we'll continue to see progress over the next two years," Yellen said in the interview. Yellen also expressed support for investing in America while maintaining responsible fiscal policies and addressing tax fairness. Yellen also mentioned that inflation has already decreased by about 4% from its peak and expressed optimism about continued progress in the next two years.
The U.S. unemployment rate increased by 0.3 percentage points to 3.7 percent in May, with 6.1 million people unemployed, according to data from the Bureau of Labor Statistics. Job losses and completed temporary jobs rose by 318,000 to 3.0 million, but job growth also continued in sectors like professional and business services, government, health care, construction, transportation and warehousing, and social assistance, the BLS reported.
Average hourly wages increased by 0.3 percent to $33.44, with a 4.3 percent year-over-year increase. The average work week for all employees on private, non-farm payrolls slightly decreased to 34.3 hours per week. Officials like Yellen say that despite some fluctuations, the labor market remains dynamic with pockets of growth and challenges.