Fed's McTeer-US rebound like 'jobless recovery'

CANADA - Federal Reserve Bank of Dallas President Robert McTeer said on Thursday that the U.S. economy's rebound from recession resembled a jobless recovery.

"I hope it doesn't last, but so far, our rebound bears some resemblance to the so-called 'jobless recovery' that we had following the 1990-91 recession," McTeer said in a speech to the Montreal Economic Institute.

"Our unemployment rate continued to drift up for more than a year after the recession was officially declared over. It peaked back

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