Business

Labor market still needs Fed support, chair says

By Martin Crutsinger
Published July 15, 2014 8:45pm ET
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Labor market still needs Fed support, chair says
FILE - In this July 2, 2014, file photo, Federal Reserve Chair Janet Yellen speaks at the International Monetary Fund in Washington. Yellen testifies to a Senate committee to deliver the Fed's twice-a-year report to Congress on interest-rate policy and the economy on Tuesday, July 15, 2014. (AP Photo/Susan Walsh, File) | Susan Walsh

WASHINGTON (AP) — Despite recent sizable job gains, Federal Reserve Chair Janet Yellen is signaling that her agency is in no rush to withdraw the massive support it is providing the U.S. economy.

Extra caution is warranted, she said Tuesday, given a number of “false dawns” in this recovery when a hoped-for acceleration in growth has failed to materialize.

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