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1、Forreleaseondelivery10:00a.m.EDTJuly15,2014StatementbyJanetL.YellenChairBoardofGovernorsoftheFederalReserveSystembeforetheCommitteeonBanking,Housing,andUrbanAffairsU.S.SenateJuly15,2014ChairmanJohnson,RankingMemberCrapo,andmembersoftheCommittee,IampleasedtopresenttheFederalReserve’ssemiannualMo
2、netaryPolicyReporttotheCongress.Inmyremarkstoday,Iwilldiscussthecurrenteconomicsituationandoutlookbeforeturningtomonetarypolicy.Iwillconcludewithafewwordsaboutfinancialstability.CurrentEconomicSituationandOutlookTheeconomyiscontinuingtomakeprogresstowardtheFederalReserve’sobjectivesofmaximumemp
3、loymentandpricestability.Inthelabormarket,gainsintotalnonfarmpayrollemploymentaveragedabout230,000permonthoverthefirsthalfofthisyear,asomewhatstrongerpacethanin2013andenoughtobringthetotalincreaseinjobsduringtheeconomicrecoverythusfartomorethan9million.Theunemploymentratehasfallennearly1-1/2per
4、centagepointsoverthepastyearandstoodat6.1percentinJune,downabout4percentagepointsfromitspeak.Broadermeasuresoflaborutilizationhavealsoregisterednotableimprovementsoverthepastyear.Realgrossdomesticproduct(GDP)isestimatedtohavedeclinedsharplyinthefirstquarter.Thedeclineappearstohaveresultedmostly
5、fromtransitoryfactors,andanumberofrecentindicatorsofproductionandspendingsuggestthatgrowthreboundedinthesecondquarter,butthisbearsclosewatching.Thehousingsector,however,hasshownlittlerecentprogress.Whilethissectorhasrecoverednotablyfromitsearliertrough,housingactivityleveledoffinthewakeoflastye
6、ar’sincreaseinmortgagerates,andreadingsthisyearhave,overall,continuedtobedisappointing.Althoughtheeconomycontinuestoimprove,therecoveryisnotyetcomplete.Evenwiththerecentdeclines,theunemploymentrateremainsaboveFederalOpenMarketCommittee(FOMC)participants’estimatesofitslonger-runnormallevel.Labor
7、forceparticipationappearsweakerthanonewouldexpectbasedontheagingofthepopulationandthelevelof-2-unemployment.Theseandotherindicationsthatsignificantslackremainsinlabormarketsarecorroboratedbythecontinuedslowpaceofgrowthinmostmeasur
