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Federal Reserve's second monetary policy report for 2003: hearing before the Committee on Banking, Housing, And Urban Affairs, United States Senate, ... monetary policy report to Congress pursuan
United States. Congress. Senate
Paperback. Books LLC, Reference Series 2011-11-21.
ISBN 9781234874834
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OCLC Number: 54508803 Excerpt: ... 4 accommodative stance of policy for as long as needed to promote satisfactory economic performance. ' ' However, I found very little discussion in the statement of what I consider to be a significant concern with respect to our economy today, and that is an excep-tionally weak labor market. Chairman Greenspan's statement mentions that, ' ' incoming data on employment and aggregate output remain mixed. ' ' In the con-text of a discussion of productivity, the statement also says that, ' ' One consequence of these improvements in efficiency has been an ability of many businesses to pare existing workforces and still meet increases in demand. Indeed, with the growth of real output below that of labor productivity for much of the period since 2000, aggregate hours and employment have fallen, and the unemploy-ment rate rose last month to 6.4 percent of the civilian labor force. ' ' Now in my perusal of the statement, this is the extent of the dis-cussion about jobs in our economy. Given what I believe is the dis-turbing prospect for employment, particularly at this stage of a so-called recovery, Mr. Chairman, I would like to take a moment or two to review in a little more detail the employment situation. Since January of this year, the unemployment rate has risen from 5.7 percent to 6.4 percent, the highest unemployment rate in over 9 years, since April of 1994; 9.4 million workers are unem-ployed, the most unemployed workers since December 1992, more than 10 years ago. If individuals who have become too discouraged to look for work were included in the unemployment rate figure, it would be well over 7 percent. The economy has lost 394, 000 jobs since January, losing jobs each of the past 5 months. Since February 2001, total jobs have fallen 2.6 million, and private sector employment has fallen more than 3.1 million. More than 3 million private sector jobs have been lost since February 2001, a little over 2 years ago - 2 and a hal
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Federal Reserve's second monetary policy report for 2003: hearing before the Committee on Banking, Housing, And Urban Affairs, United States Senate, ... monetary policy report to Congress pursuan
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