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29 September, 2011

Fed Vice Chair: Economy Worse Than You Think

Fed Vice Chair: Economy worse than you think | Campaign 2012: "Vice Chair of the Federal Reserve Board of Governors Sarah Bloom Raskin said today that unemployment numbers present too positive a view of the economy, adding that the Federal Reserve might need to take more action to stabilize the economy.

'Nonetheless, as many families know,' said Raskin, an appointee of President Obama's, 'the headline unemployment numbers don't fully capture the weakness in labor market conditions.' She explained:

'Beyond the headline number [of 9.1 percent unemployment], an additional 8.8 million workers were classified as 'part time for economic reasons' in August because their hours had been cut back or they were unable to find a full-time job. In addition, about 2-1/2 million Americans were classified as 'marginally attached' to the labor force because even though they wanted to get a job, they had not searched for one in the past four weeks. And almost half of that group--nearly 1 million individuals--have given up searching for employment altogether, because they do not believe any jobs are available for them...'

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