Minneapolis fed prez warns of jobless recovery

Categories: Economy

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.

Background on Stern:

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.

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