In a presentation made today, Dennis Lockhart, President and CEO of the Atlanta Fed has predicted only a modest economic recovery with unemployment experiencing a “structural” increase. Lockhart pointed out several reasons why employment may be establishing a new normal, with rates to remain above those of past years as jobs are eliminated, workers have difficulty relocating, and a great number of applicants lack the skills necessary for employment.
While the report attempted to add a positive spin to the facts, it seems clear that the expectation is for a recovery unlike those of past recessions and one that will lack the fundamentals necessary to dramatically improve the jobless rate.
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