News
Bloomberg | Kocherlakota Sees Unemployment Above 7% Until Second Half 2014
Federal Reserve Bank of Minneapolis President Narayana Kocherlakota, who doesn’t vote on monetary policy this year, said he favors continuing bond purchases until unemployment falls below 7 percent, which he doesn’t expect until the second half of next year.
Econ Comments & Analysis
Real Clear Markets | We Ignore Joblessness Among the Elderly at Our Peril
The Great Recession's employment crisis is notable for two reasons. First, the number of long-term unemployed has been much higher than in prior recessions. The percent of unemployed who have been out of work for 27 weeks or longer has been above 40 percent since December 2009, far higher than the previous peak of 26 percent in 1983. Second, those over the age of 55 were particularly hard hit by unemployment.
