Sunday, June 20, 2021

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Treasury Secretary Janet Yellen will testify before the House Appropriations Committee Thursday about oversight of the department.

Watch the hearing live at 11 a.m. ET in the video player above.

Yellen said on May 7 that despite the lower jobs report numbers the country is on track for recovery from the financial toll of the pandemic.

“I had had to write down a number as my best guess, it would have been higher,” said Yellen.

“But I’ve watched data for a long time and I know that it is extremely volatile. There are often surprises and temporary factors and one should never take one month’s data as an underlying trend.”

America’s employers added just 266,000 jobs last month, sharply lower than in March and a sign that some businesses are struggling to find enough workers as the economic recovery strengthens

The number of Americans seeking unemployment aid fell last week to 498,000, the lowest point since the viral pandemic struck 14 months ago and a sign of the job market’s growing strength as businesses reopen and consumers step up spending

The jobs report hinted at other factors that could strengthen President Joe Biden’s agenda.

It showed losses for women, who were forced into caregiver roles for children and relatives because of the pandemic. The family demands stopped them from holding outside jobs.

There was a drop of 165,000 for women over the age of 20 last month who were holding or seeking jobs. By contrast, men saw gains of 355,000 in labor force participation.

The PBS NewsHour will update this story as it develops.

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