Fed's McTeer - US stock falls hold back growth

US - In Dallas, Federal Reserve Bank of Dallas President Robert McTeer said the decline in U.S. stocks this year is restraining the economy's recovery and limiting job growth.

"So far, the recovery has been pretty close to a jobless recovery," McTeer said in a speech to business leaders. "The market at the moment is not being very helpful."

The economy's main "bright spot" is productivity, which grew at a 1.5 percent annual pace in the second quarter, McTeer said. While McTeer said he prefers