Boston Fed - Annual Report (2009)
The Boston Federal Reserve's Annual Report, published in June, showed the recovery in the real economy proceeded slowly in the first half of 2009, before turning to growth in the third and fourth quarters.
Unemployment was described as "unacceptably high" with the rate of joblessness in New England rising to 9% in November. Althought still below the national rate, the level of unemployment was the highest it had been in the area for 33 years.
Eric Rosengren, the Boston Fed president, said the
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