The U.S. economy had a net gain of 38,000 jobs in the month of May. The number was much lower than expected and is the smallest gain since 2010. The growth was lower than April’s 123,000 and the rough average of 200,000 jobs added that the economy has been adding […]
Today, President Obama officially nominated Dr. Janet Yellen to be the next Federal Reserve chair. Dr. Yellen currently sits on the Reserve, so someone would need to be appointed to replace her. She was widely expected to be picked after Larry Summers dropped out of consideration and was considered to […]
From the White House: Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve. Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was […]
