U.S Treasury Secretary Janet Yellen visits Milwaukee, discusses 2023 economy

MILWAUKEE (CBS 58) -- On Friday, Jan. 26, U.S. Treasury Secretary Janet Yellen was accompanied by local leaders on a tour of the WRPT Big Step facility which trains resident in multiple trades.

It was announced that the facility would get $1.5 million dollars from the federal government to modernize the facility.

"They'll help WRPT Big Step continue to advance its mission to equip residents with the skills they need to get well-paying jobs," said Yellen.

Yellen shared in a tweet Thursday that inflation has come down significantly and unemployment is near historic lows.

Despite the predictions of many forecasters, there wasn’t a recession in 2023. Instead, inflation has come down significantly and we’ve maintained a healthy labor market. The unemployment rate is near historic lows. And we’ve had the fastest – and fairest – recovery on record. pic.twitter.com/ljUfTXO5Te

— Secretary Janet Yellen (@SecYellen) January 25, 2024

But Milwaukeeans said they're not feeling the benefits right now.

"I didn't know that like when you said that to me, I was like wait what?!" said resident Valerie Plutz.

Plutz said she hasn't seen the dip in inflation hit grocery stores, yet.

"I feel like its double what it was than when I was in college, so I do feel like it's been on the rise," said Plutz.

Resident Amber Trojan agrees and said she believes employment has been on the rise.

"All that stuff is still really up there but otherwise jobwise I think it's really easy to get a job."

Yellen addressed the high prices on certain necessities.

"We got new information this morning suggesting inflation has really settled down nevertheless the inflation occurred over the last couple of years has left prices higher," said Yellen.

She said over the last year, wages have increased more rapidly than prices.

Resident James Goodman claims he hasn't seen those raised wages.

"As far as jobs they're not paying the new rate. It's kind of like we're still stuck on the ten year past pay raise," said Goodman.

According to the Department of Workforce Development Wisconsin had a record low unemployment rate of 2.4% in 2023.

In all-- Secretary Yellen says she's expecting this year to be a good one for the economy.