Federal Reserve Chair Janet Yellen says she is hopeful that a recent slowdown in job growth will be temporary. And while the economy is facing various headwinds, she is not pessimistic about the future.
Testifying for a second day before Congress, Yellen reiterated that the Fed plans to be very cautious in raising interest rates. Yellen said the economy was facing a mixed picture, with growth being held back by lackluster investment spending but bolstered by a solid rebound in consumer spending.
She said she was "very hopeful" that job growth, which slowed sharply in April and May, will rebound in coming months.
"I don't want to send a message of pessimism about the economy and where we are going," Yellen said.