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You are here: Home / World News / U.S. economic recovery, labor market remain weak: Fed

U.S. economic recovery, labor market remain weak: Fed

August 30, 2011 by robert Leave a Comment

The U.S. Federal Reserve said Tuesday that the pace of the country’s economic recovery remained slow in recent months, and the labor market conditions continued to be weak. Revised governmental data for 2008 through 2010 indicated that the recent recession was deeper than previously thought and that the level of real gross domestic product (GDP) had not yet attained its pre-recession peak by the second quarter of this year, said the central bank. “Private nonfarm employment rose at a considerably slower pace in June and July than earlier in the year, and employment in state and local governments continued to trend lower,” the Fed noted in minutes released on Tuesday of a Federal Open Market Committee ( FOMC) meeting held earlier this month. The U.S. unemployment rate is still hovering at 9.1 percent, while the nation’s real GDP expanded by a sub-par 1 percent in the second quarter of this year. The U.S. central bank decided at the meeting to keep exceptionally low levels for the federal funds rate at least through mid-2013 in an effort to jump-start the economy. The economic outlook from FOMC participants has dimmed, as they noted a deterioration in labor market conditions, slower household spending, a drop in consumer and business confidence, and continued weakness in the housing sector. Some members of the FOMC, the central bank’s interest-rate policy making body, pushed for a more aggressive response to the economic slowdown at the meeting. “Some members expressed the view that additional accommodation was warranted because…




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Filed Under: World News competitive labor market, Labor Market Conditions Index, Labor Market, labor markets, labor market information, labor market research, labor market trends, labor market discrimination, labor market survey, labor market data, labor market equilibrium, Journal of Labor Economics, labor in economics, labor in economics definition, market economics, market economic system, economic job market, economical market, economic journal of emerging markets, labor market analysis, how markets work economics, markets definition economics, markets economic times

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