Janet Yellen: Job market not recovered

NEW YORK (CNNMoney)

That was Federal Reserve Chair Janet Yellen's main message Friday in a much anticipated speech.

"It speaks to the depth of the damage that, five years after the end of the recession, the labor market has yet to fully recover," she said.

The debate now is whether the job situation in America is healthy enough for the Federal Reserve to start raising interest rates, which have been at historic lows in recent years in an effort to jumpstart the economy.

Yellen is chair of the committee that sets interest rates, but she only gets one vote. Other members have differing views. The Fed board members and other top economists are spending the weekend in Jackson Hole, Wyoming debating these key issues.

Though the unemployment rate "has fallen considerably and at a surprisingly rapid pace," Yellen said problems remain.

"A key challenge is to assess just how far the economy now stands from the attainment of its maximum employment goal," she said.

Related: The unemployed psyche: Job searching for so long crushed my soul

She and some other policy makers remain hesitant to pull back on its economic stimulus campaign and raise interest rates until the employment landscape improves further.

Among her main concerns are the number of people working part-time because they can't find full-time positions, the ranks of the long-term unemployed and the lack of wage growth.

First Published: August 22, 2014: 10:04 AM ET

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