Education & Skills Key to Improving Jobs Prospects
Fed Chairwoman Janet Yellen said Tuesday that investments in education and skills training are vital to address persistently high unemployment among lower-income and minority communities.
“Education levels have historically lagged in low- and moderate-income communities, particularly communities of color,” Ms. Yellen said in remarks on workforce development to a conference in Washington.
The Fed boss did not mention monetary policy or the economic outlook in her speech.
The central bank has repeatedly said that 1 of the Key barriers to both employment and growth is a lack of appropriate education and skills training.
The unemployment rate currently stands at 4.7% for the nation as a whole, which is near what many Fed officials consider full employment.
But, that masks the Real unemployment numbers in the USA.
Unemployment rates averaged 13% in low and moderate-income communities between Y’s 2011 and 2015, Ms. Yellen noted, compared to 7.3% in higher-income communities. Where minorities made up a majority of the population, that percentage rose to 14.3% over the same frame.
Given higher education levels lead to higher-paying jobs, she said it was vital to invest in education. But it is also important to provide opportunities for those who do not have advanced degrees.
“Educational programs and training that lead to better paying and more steady work are crucial for people without college degrees, particularly lower-income workers,” Ms. Yellen said.
What she did not say is that there are 57-M young college educated Americans between 18 and 35 that are unemployed and saddled with onerous Student Loan Debt.