Greenspan: Employment 'About' to Pick Up

Reuters ^ | Thursday March 11, 11:10 AM EST

[RSmithOpt]

Greenspan: Employment 'About' to Pick Up

Thursday March 11, 11:10 AM EST

WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan said on Thursday that flexible labor markets had proved their worth by creating jobs in the United States and that employment was poised to pick up.

"I am fairly well convinced that employment is about to pick up or should be more explicit, new hires are going to be picking up reasonably quickly if this economic growth rate continues," he told the House of Representatives Education Committee, adding he supported extending unemployment support.

"When unemployment is created through no fault of the worker's actions, then I think it is clearly to our advantage to find ways of creating support and assistance and as a consequence at times like this, I have to support the issue of the extension of unemployment insurance."

He also said that the U.S. model on labor markets was being taken on board by the rest of the industrial world.

"I do believe that as far as the economic evaluation of what type of labor market one should want, I think there is an increasing awareness that flexibility more of our type is the way to go. And I do believe that we will see Europe and Japan will be moving in that direction over the next years."

©2004 Reuters Limited.

[xrp]

"...I have to support the issue of the extension of unemployment insurance."

Oh...wonderful.

[syriacus]

Anyone else noticed that Greenspan's wife seems even more nasty in her criticism of Bush lately?

I wonder what's bugging her.

More_{Kerry 2004}

Flimandflam

[Little_Fish_In_Big_Pond]

Sounds nice, wouldn't you agree?... FINALLY everyone who was laid-off or even fired will find a job and work again :)

[billorites]

"I wonder what's bugging her?"

Alan's prostate.

[Little_Fish_In_Big_Pond]

Greenspan's wife and Bush?... Hmm... Just what in the world can they have against each other?... Makes you kind of wonder.

[expat_panama]

This is the same Greenspan that posted excessively low gdp the day before Clinton's first election, and then revised it back up afterwards.

This is the same Greenspan that in '96 warned about inflation from an overheated because unemployment was 5.6 percent.

This is the same Greenspan that pays a simpathy visit to algore and gives him a high-five.

Now with another election comming up he announces that 5.6 percent unemployment is terrible but the economy should recover soon.

[RSmithOpt]

Read an article a while back stating that there will start to be a skilled labor shortage (white collar/technical) in this country starting in 2007 and a serious shortage by 2010. We need the economy/employment on the upswing by late summer.

[RSmithOpt]

If the Feds increase the prime 2 consecutive quarters in a row, then maybe we can believe him.

[Last Dakotan]

If he is wrong will he quit?

[RSmithOpt]

No he won't quit. He'll probably leave this earth while in office. Look at history, the economy is cyclic....we're starting back up, just not sure about the +slope on the graph.

[oceanview]

how does he know? every economist I heard who commented on the February numbers released last week said the "new jobs" number was the hardest economic statistic to forecast, which is why they always miss it by large numbers.

[Chunga]

He'll probably leave this earth while in office.

If he does, look for Phil Gramm to take his place (if he can get comfirmation from his former colleagues in the Senate).

[Moonman62]

"When unemployment is created through no fault of the worker's actions, then I think it is clearly to our advantage to find ways of creating support and assistance and as a consequence at times like this, I have to support the issue of the extension of unemployment insurance."

Since Greenspan was one of the major causes of this economic downturn the money should come out of his bank account.