Cleveland Fed researchers suggest moderate growth may persist


Research published by the Federal Reserve Bank of Cleveland on August 9 suggests the possibility that the current moderate growth in the US may represent a downward adjustment in the trend rate.

Authors Margaret Jacobson and Filippo Occhino compare the pattern of recovery from the most recent recession with previous recoveries. "Typically, in the initial stages of a recovery, productivity grows strongly, as output picks up while employment and hours lag behind," the researchers write.

The report

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