Federal Reserve Chair Janet Yellen says college graduates are entering the strongest job market the country has seen in nearly a decade, and their degree is more important than ever.
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Yellen says that with changes in the job market such as technology and globalization, succeeding in the job market is increasingly tied to obtaining advanced degrees.
In remarks prepared for commencement ceremonies at the University of Baltimore, Yellen says that those with a college degree are more likely to find a job, keep a job and have higher job satisfaction and higher salaries.
She says that the increasing demand for people with college and graduate degrees reflects the need for higher technological skills and the impact of globalization, which allows goods and services to be produced anywhere.
In her remarks, Yellen did not make any comments about Fed interest-rate policies. The Fed last week boosted its benchmark rate by a quarter-point. It was the first increase in a year.