Well, this won’t make anyone feel better.
Atlanta Federal Reserve Bank President Raphael Bostic said that it will be some time before the U.S. economy recovers and that some areas of the economy aren’t bouncing at all.
“On balance, I am comfortable with our current policy stance. As I have detailed today, though the U.S. economy continues to show clear signs of recovery, there remain significant portions where the recovery has been weak or nonexistent.”
Bostic went on to point out that the downturn has disproportionately affected black and Hispanic workers, and he believes the Fed needs to pursue policies that close the economic and financial gaps along racial and gender lines. If we don’t things could get much worse as the economy recovers unevenly.
Bostic also said:
“Indeed, an unnecessarily slow labor market rebound could just drive historic wedges deeper, continuing to exacerbate the geographic, racial, gender, and income disparities in our economy.”