“We've reached the point where employers need to start hiring again, but productivity growth will stay strong, so they can meet some of their increased demand with productivity improvements. That means hiring will be slow and the unemployment rate will stay at about 6 percent for another year and a half or so.”
“The 'full employment' unemployment rate is about 5 percent, ... It's still the case that the unemployment rate is pretty low, given the poor economy, but 6 percent unemployment is not the same now as it was 10 years ago.”
“What Greenspan did well is he steered through these crises and came out with minimal damage to the economy. Over an 18-year period, we had just two short recessions and low inflation. That combination says he's done a good job.”
“This (next appointment) could be the one who tips the balance. If Bush nominates a strong proponent of inflation targeting, it would be a signal they want (that).”
“Inflation remains under control. We're concerned of inflationary pressures developing in the economy, but they're not here now. They may be here a few months down the road, but they're not here yet.”
