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Fed Chair Janet Yellen Talks Labor Market Slack at Jackson Hole


Fed Chief Janet Yellen gave no clues about when the Fed would start raising interest rates in her speech on Friday in Jackson Hole, Wyoming. Instead, the speech, which the Fed had already said would focus on the labor market, focused on metrics the Fed is looking at to measure slack in the labor market. Yellen said, 'assessments of the degree of remaining slack in the labor market need to become more nuanced' because it has become 'difficult to gauge the amount of labor slack in the economy.' Deutsche Bank's Senior U.S. Economist Carl Riccadonna says the big question that still remains is if the long term unemployed start re-entering the labor force, how long will it take for wage inflation to start moving up. Riccadonna says so far, that has not happened. TheStreet's Ruben Ramirez has details.