"The U.S. economy is recovering and we are now seeing the first signs of significant employment...

"The U.S. economy is recovering and we are now seeing the first signs of significant employment growth," says NY Fed's Dudley. Even so, growth is likely to be sluggish as households delever, banks remain under 'significant stress,' and fiscal stimulus programs wind down.

Comments (16)
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
    Story from San Antonio yesterday that there was a great number of new hires but the unemployment rate didn't change since so many people were moving in trying to share in a good economy. Sounds good but San Antonio is not a manufacturing town; it's a service and tourist town with good hospitals. We still need to create value and it certainly isn't showing up in manufacturing. BP is a good lesson; if you take risks you may be punished heavily if you err. So why take risks?
    22 May 2010, 05:35 PM Reply Like
  • dcb
    , contributor
    Comments (1360) | Send Message
    there are specific people I know not to listen to
    1) ben bernanke
    2) gethner
    3) dudley
    ------- dudley ran the operations division of the NY federal reserve. he is also a former big goldman guy. while geithner may not have been directly involved with the funny business at the NY fed. Dudley had to be. Lets just say he was the cia head of the NY fed and had to know all the strange stuff. all the firms paintig the tape, and to be behind aig, etc. I consider him to be the worst of the worst. if you read the polices he has indorsed in effect they are all policies for goldman
    22 May 2010, 06:15 PM Reply Like
  • javawerks
    , contributor
    Comments (17) | Send Message
    Dudley Do Right of the CIA. Nice. I like that. Not. Time to relieve Dudley of his duties, and kill the Fed. Oh, hell, kill the CIA too.
    22 May 2010, 08:19 PM Reply Like
  • Archman Investor
    , contributor
    Comments (3383) | Send Message
    The simple fact:


    We are in a complete Disneyland environment where people like Dudley can outright lie without fear of accountability.


    This "test" of America's intelligence goes on everyday. He is assuming that "well everyone must be busy with their Facebook, local reality show, or I-Phones, so I will just come out and say we are on the verge of significant employment growth."


    This is all of course a complete and utter bold faced lie.


    Birth/ death models / census workers / leisure & hospitality jobs. Yes, those are the majority of our so called employment gains thus far. The real GDP driver type jobs.


    Dudley you lying piece of work, give us a break.


    22 May 2010, 07:09 PM Reply Like
  • mike8599
    , contributor
    Comments (589) | Send Message
    Your first sentence is your key point for me. I have a problem finding an honorable man / woman - or any media that will hold them accountable.


    If you can't trust the data and the people giving it you have instability / volatility.


    I wish it was "Disneyland" then at least I'd be smiling.
    22 May 2010, 11:55 PM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
    Audit the Fed. period.
    22 May 2010, 07:41 PM Reply Like
  • dondon
    , contributor
    Comments (295) | Send Message
    Market guy is right. Show me the money before you tell me the economy is improving.


    Audit the Fed!
    22 May 2010, 09:06 PM Reply Like
  • philais
    , contributor
    Comments (193) | Send Message
    Audit the Fed!
    22 May 2010, 10:21 PM Reply Like
  • allforone
    , contributor
    Comments (301) | Send Message
    I wonder why the banks would be under stress? Maybe it's because of the latest socialist bill written by the elected criminals with massive tax increases on banks? To be passed on to anyone using banks?
    I haven't used a bank in 30 years since I've been screwed over by every one I dealt with. EVERYONE TAKE ALL YOUR MONEY OUT OF YOUR BANK ACCOUNT AND DEPOSIT IT IN A CREDIT UNION!!!!
    Sorry to yell but the end of you having any sort of savings is coming to an end. The rape of America has just begun and will continue for the next 2 1/2 years unless the voters decide they like this 'change'.
    22 May 2010, 10:31 PM Reply Like
  • D. McHattie
    , contributor
    Comments (1844) | Send Message
    'signs' of employment growth? What is that supposed to mean?


    Either you have more jobs and therefore employment growth or you don't.


    And we don't.
    22 May 2010, 11:40 PM Reply Like
  • Econdoc
    , contributor
    Comments (2938) | Send Message
    pay attention. we do.
    23 May 2010, 03:00 AM Reply Like
  • paynebb
    , contributor
    Comments (366) | Send Message
    I like how you always click on your "thumbs up" so it appears that someone agrees with you.
    23 May 2010, 08:01 AM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
    Nice try doc...no one's drinking your brand of arrogant flavored cool-aid.
    23 May 2010, 10:25 AM Reply Like
  • nyuszika45
    , contributor
    Comments (625) | Send Message
    "growth" in what? My understanding is that we passed the 13 Trillion indebtedness mark on Friday. I'm not so sure that is the road down which I'd like to continue, but that is the road you get with a "jobless recovery", right?
    22 May 2010, 11:47 PM Reply Like
  • rooftop
    , contributor
    Comments (140) | Send Message
    There is no value in the article. No stats, no analysis, and non-committal words and phrases such as "signs", "far from where we want to be", and "not likely to be as robust" are absolutely worthless. Finally, how is it consistent for him to say that "he sees the start of substantial growth in employment" while also acknowledging that "economic growth has been fueled by temporary sources such as fiscal stimulus programs"?
    23 May 2010, 09:08 AM Reply Like
  • nyuszika45
    , contributor
    Comments (625) | Send Message
    Ah, silly me. I missed all the people the government is hiring to suck up more money from what is left over from the productive sectors of the US.


    So, as the government views it, indeed there is increased employment.


    As the rest of us might view it, the increase is the diameter of the funnel sucking money from production into the rat-hole known as the administration is not exactly what we were looking for - but we aren't "government", we are mere subjects of this regime.
    23 May 2010, 10:12 AM Reply Like
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