{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Federal Reserve Chair Janet Yellen spent a second day on Capitol Hill, testifying before the Senate Budget Committee. Among other things, Yellen spelled out her views on the long-term decline in the labor participation rate. (May 8)' data-url='/boclips/videos/5c54c386d8eafeecae161ecb' data-video-url='/boclips/videos/5c54c386d8eafeecae161ecb' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFederal Reserve Chair Janet Yellen spent a second day on Capitol Hill, testifying before the Senate Budget Committee. Among other things, Yellen spelled out her views on the long-term decline in the labor participation rate. (May 8)\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eFOR CLEAN VERSION SEE STORY NUMBER: apus010125One day after Federal Reserve Chair Janet Yellen told the Joint Economic Committee on Capitol Hill that the job market is \"far from satisfactory,\" she testified a second time, this time...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eFOR CLEAN VERSION SEE STORY NUMBER: apus010125\u003cbr/\u003eOne day after Federal Reserve Chair Janet Yellen told the Joint Economic Committee on Capitol Hill that the job market is \"far from satisfactory,\" she testified a second time, this time before the Senate Budget Committee.  \u003cbr/\u003eLast week, the government said that the economy had added 288,000 jobs in April.  It was the biggest hiring surge in two years, and the unemployment rate dropped to 6.3 percent.\u003cbr/\u003eDuring her testimony Thursday, she spelled out her views on the long-term labor participation rate, which she says has declined substantially.  Yellen said the decline is partly due to demographics, with a large percentage of the labor force made up of \"baby boomers.\"  She said that young people are staying in school longer, but she also blamed the weak labor market as a factor in discouraging people to look for work.\u003cbr/\u003eYellen is telling lawmakers the Fed expects to begin raising rates when it sees enough progress in restoring full employment, and when inflation is back up to its target of 2 percent.\u003cbr/\u003eYellen says that lower borrowing rates will be needed for \"a considerable time.\"\u003cbr/\u003eWashington, DC - May 8, 2014\u003cbr/\u003e1. SOUNDBITE: (English) Janet Yellen, Federal Reserve Chair\u003cbr/\u003e\"If we look over the last six months or so, I would describe the long-term labor force participation rate as roughly stable.  However, looked at over a longer span, the labor force participation rate has declined very substantially.  I would say there are two reasons for that.  One is demographic, and I think it is something we should continue moving forward, so as I look forward, I am envisioning in coming years a continued secular decline in labor force participation.  And that's due to the fact that the baby boomers are entering their retirement years, and as a fraction of the population in the retirement years rises, it's very natural...\"\u003cbr/\u003eSOUNDBITE: (English) Sen. Jeff Sessions, (R) Alabama\u003cbr/\u003e\"Dr. Yellen, the data show at least recently that the over fifty-five are participating at a higher rate than the under-55. Do you not agree?\"\u003cbr/\u003e2. SOUNDBITE: (English) Janet Yellen, Federal Reserve Chair \u003cbr/\u003e\"In looking at the overall trend, it's dominated by the fact that they are an increasing fraction of the labor force in these retirement years, but I do want to emphasize that there's more that's going on here, at least in my view, than simply demographics because labor force participation has declined among prime age workers, and among young people, in part because they are in school a lot longer. But I think a portion of the decline among retirees is because we have a weak labor market.\"\u003cbr/\u003e3.. SOUNDBITE: (English) Sen. Jeff Sessions, (R) Alabama\u003cbr/\u003e\"Well, I think we have a weak, slack labor market.  I agree with that.\"\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci 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Among other things, Yellen spelled out her views on the long-term decline in the labor participation rate. (May 8)\" href=\"/subscription/new\"\u003e\u003cimg class=\"resource-img img-thumbnail img-responsive z-10 lp-boclips-thumbnail w-full h-full lozad\" alt=\"Federal Reserve Chair Janet Yellen spent a second day on Capitol Hill, testifying before the Senate Budget Committee. Among other things, Yellen spelled out her views on the long-term decline in the labor participation rate. (May 8)\" title=\"Federal Reserve Chair Janet Yellen spent a second day on Capitol Hill, testifying before the Senate Budget Committee. Among other things, Yellen spelled out her views on the long-term decline in the labor participation rate. 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