14 March 2002, 11:15 Greenspan: 'Further Evidence of Improvement in Labor Market'
Federal Reserve Chairman Alan Greenspan took note of the
February increase in non-farm payrolls and other signs of improvement in
the labor market in a Wednesday speech otherwise very similar to last
Thursday's congressional testimony. "Layoffs diminished noticeably in
January, and employment turned up last month," he said, adding,
"Moreover, initial claims for unemployment insurance have decreased
markedly, on balance, providing further evidence of an improvement in
labor market conditions." However, the Fed chairman did not alter the
modest expectations for consumption which he expressed before the Senate
Banking Committee last week. //MarketNews
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