U.S. Federal Reserve Chair Janet Yellen says that the U.S. job market is the strongest in nearly a decade.

Yellen also emphasized the importance of education in a changing economy during her speech Monday at the University of Baltimore.

The Fed last week raised its benchmark interest rate after a one-year pause, and indicated its confidence in the economy.

Yellen said during her speech that there are indications that wage growth is picking up but productivity expansion has been "disappointing." Yellen said economic success will continue to be tied to education.