Minneapolis fed prez warns of jobless recovery
The good news is that Minneapolis Federal Reserve Bank President Gary Stern thinks a recovery is only a few months away. The bad news: You still might not get a job.
Stern told PBS earlier this week that there's a "reasonable possibility" that this would be a jobless recovery.
"The job market recovery is likely to take longer than a resumption of economic growth for at least a couple of reasons," Gary Stern, president of the Minneapolis Fed, said in an interview on PBS' Nightly Business Report.
"I would think that there's a reasonable probability" of a jobless recovery, Stern added.
Stern, who frequently dissented with conventional opinion on issues of monetary policy and bank regulation, and who sounded an early alarm on the dangers of excessive risk-taking and bank bailouts, will retire this summer after 24 years at the helm of the Federal Reserve Bank of Minneapolis.