New York: US recovery setback by unemployment figures
William Dudley, the president of the New York Federal Reserve, on Wednesday offered a negative outlook for jobs creation in 2010.
He also said a sustainable recovery would rely on improvements in employment.
Dudley noted that while economic activity expanded over the second half of 2009, the current unemployment rate of 9.7% was unacceptably high. He said unemployment was likely to decline over the near term at a very gradual pace.
Differentiating between the Federal Reserve's national and
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