Fed's Yellen: Labor market 'has yet to fully recover'

Federal Reserve Chair Janet Yellen said Friday the recent rapid decline in the unemployment rate likely overstates the health of the labor market, which may have been altered persistently by the Great Recession.

Speaking at the Fed's annual symposium in Jackson Hole, Wyo., Yellen said other barometers of the job market, such as the low number of Americans participating in the labor force, "suggest that the decline in the unemployment rate over this period somewhat overstates the improvement in overall labor market conditions."