Fed drops rates to offset jobless recovery
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Manufacturing News, Source : TheManufacturer.com
Published : 11 Nov 2002 19:18
In response to October’s steady unemployment rate of 5.7% and other continuing signs of weakness in the economy, the Federal Reserve slashed interest rates 50 basis points to 1.25%, the lowest level since the Presidency of John F. Kennedy.
“We applaud the Fed’s action to lower interest rates to historically low levels because economic growth is slowing down instead of picking up in the fourth quarter,” said Jerry Jasinowski, president of the National Association of Manufacturers (NAM). “The jobless recovery continues, and the impact is falling hardest on manufacturing. The West Coast port stoppage was a factor in the 49,000 manufacturing jobs lost last month, but the fact that manufacturing job losses have actually accelerated from earlier in the year is a warning sign that the recovery is losing momentum.”
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