10/20, 4:22 PM (Source: TeleTrader)
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Yellen: US labor market 'very tight'

United States Treasury Secretary Janet Yellen said in an interview with MSNBC on Wednesday that the labor market "in many ways is very tight," adding that the pandemic has shifted consumer patterns and shuffled the weight from service sectors to retail.

"We've suffered a very unusual shock that has both put people out of work, but has also changed patterns of demand, shifting demand away from services like travels, staying in hotels, eating out at restaurants. Instead, we've been gobbling up goods and commodities like we've never seen before," Yellen said.

The head of the Treasury also mentioned the debt limit, saying the issue of hitting the ceiling is not over yet as the previous decision was short-term. Yellen shared her belief that Congress will "do their jobs" accordingly.

Breaking the News / LH