2012 Economic Calendar
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Speech  
Released On 4/12/2012 3:00:00 PM For 4/12/2012 3:00:00 PM

Description
Sarah Bloom Raskin (FOMC Voting Member) will speak to business and community leaders at a Fed conference on "The State of the Economy," in Los Angeles and will take questions from the audience.

Highlights
Governor Sarah Bloom Raskin seemed marginally upbeat on the economy, stating the economic news has been encouraging and suggesting that the recovery is improving. Nonetheless, she sees the recovery having a long way to go, especially for unemployment. She is concerned that the higher level of long-term unemployment is cutting into the economy's productive capacity.

"The share of unemployed workers who have been without a job for more than six months is still more than 40 percent nationwide, a level well above that seen in earlier recessions. Being unemployed for such a long time can have negative effects on workers' skills and their attachment to the labor force, thereby possibly reducing the productive capacity of our economy. “

Raskin sees monetary policy having brought interest rates down and boosted business investment. However, the noted that monetary policy alone will not be able to restore household wealth to pre-recession levels, specifically referring to housing wealth.


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