New England’s top banker says the U.S. economy has begun a “fragile” recovery, but he still sees jobless rates remaining high for years to come.
“Even with stimulative fiscal and monetary policy, we’re likely to see labor markets with elevated unemployment rates for the next couple of years,” Boston Federal Reserve chief Eric Rosengren told the Greater Boston Chamber of Commerce yesterday.
Rosengren spoke as the U.S. Labor Department reported that the nation’s jobless rate rose to 9.8 percent in September, up 0.1 percentage points from August.
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