Uncertainty clouds US labour market: NY Fed’s Dudley
William Dudley, the president of the New York Federal Reserve, on Friday said that although evidence suggested growth in the US was improving, evidence of a recovery in the labour market was uncertain.
At an event in San Juan, Puerto Rico, Dudley said: "With respect to the labour market, we have seen some conflicting signals. On one hand, the unemployment rate has fallen sharply over the past four months, dropping to 8.8% from 9.8% in November. On the other hand, payroll employment gains have been relatively modest."
Dudley said evidence of a rise in payroll employment of 216,000 jobs in March was good news for the economy. However, he conceded even if the economy were to generate growth of 300,000 jobs per month, the labour market would still likely have considerable slack at the end of 2012.
"Although there is still uncertainty over the timing and speed of the labour market recovery, I am hopeful that job growth will increase more rapidly in the coming months. We would welcome this. A substantial pickup is sorely needed," he said.
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