NY Fed Chief: We’re Not Out of the Woods Yet
Not so fast my friend was the message delivered in remarks Monday by Federal Reserve Bank of New York President William C. Dudley.
“The incoming data on the U.S. economy has been a bit more upbeat of late, suggesting that the recovery may be finally establishing a somewhat firmer footing. Real GDP expanded at a 3 percent annual rate in the fourth quarter of 2011, the fastest growth since the first half of 2010. The average monthly gain in nonfarm payroll employment moved up to 256,000 in January and February from 164,000 in the fourth quarter,” said Dudley.
“While these developments are certainly encouraging, it is far too soon to conclude that we are out of the woods. To begin with, the economic data looked brighter at this point in 2010 and again in 2011, only to fade as we got into the second and third quarters of those years.”
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