Fed chief Yellen says slack remains in US jobs market

US Federal Reserve chair Janet Yellen has said there is still "remaining slack in the labour market".

It was understated by the unemployment rate, at 6%, she said.

She called for the slack to be "more nuanced" in the way it was assessed, due to "considerable uncertainty" about the level of employment.

Speaking to an annual Fed conference in the mountain resort of Jackson Hole, Wyoming, she also remained relaxed about the low interest rate policy.

Ms Yellen said the

Federal Reserve warns of overvalued social media stocks

The US Federal Reserve has warned of "stretched valuations" in social media and biotechnology firms as part of chair Janet Yellen's semi-annual report in front of Congress.

The warning sent US indexes down, with shares of social media firms such as Yelp plunging.

In prepared remarks, Ms Yellen also said that she thought the US economy continued to improve.

However, she warned of weakness in the housing market and slow wage growth.

In a separate monetary policy report released as part of the Fed's semi-annual testimony in front of Congress, the Fed wrote:

US economy adds 288,000 jobs in June

The US economy added 288,000 jobs in June, latest figures from the Bureau of Labor Statistics have shown.

The unemployment rate dropped to 6.1%, its lowest level since September 2008.

That figure beat analysts' expectations and is an encouraging sign after disappointing growth in the first quarter of 2014.

The strong report sent the Dow Jones Industrial Average above 17,000 for the first time as investors cheered the news.

Economists blamed harsh winter weather for a 2.9% annualised decline in

Dow Jones Industrial Average hits 17,000 for first time

The Dow Jones Industrial Average - a US stock index made up of some of the biggest global firms - has hit 17,000 for the first time.

On Thursday, investors pushed shares higher after a better-than-expected jobs report showed the US economy added 288,000 jobs in June.

Overall, low interest rates have led investors to pour money into stocks in an effort to make a profit.

That has pushed US indexes - including the S&P 500 - to new highs in 2014.

On Wednesday, the Dow closed at

Yellen strongly defends easy Fed policies, cites U.S. labour slack

Federal Reserve Chair Janet Yellen, on Monday said that given the halting pace of the recovery and a still moribund job market, the Federal Reserve will continue to bolster the U.S. economy

She also gave a strong defence of the central bank’s easy-money policies on Monday, saying its “extraordinary” commitment to boosting the economy, especially the still struggling labour market, will be needed for some time to come.

In her first public speech since becoming Fed chair two months ago, Yellen cited the struggles of three American workers in backing the policies of low interest rates and continued bond-buying. She said there remains