Fed official: US economy finally back to normal!
That’s what John Williams, the head of the Federal Reserve Bank of San Francisco, declared Wednesday. “The data have spoken, and the message is clear: We’ve largely attained the hard-sought recovery we’ve been after for the past nine years,” Williams told the Forecasters Club, a gathering of economists, in New York. Unemployment peaked at 10% after the Great Recession. Today it’s just 4.7%, a level Williams said constitutes “full employment” because there will always be some job seekers, even in a healthy economy. Inflation is also “nearing” the Fed’s goal of 2%, he said.
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