US Fed's Bullard predicts decrease in jobless rate

March 3, 2012 05:14


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VANCOUVER - St. Louis Federal Reserve President James Bullard said on Friday declining claims for unemployment benefits signal steady improvement in the labor market is likely, suggesting he believes the recovery won't need additional support from the central bank.

"I think unemployment will continue to get better," he said in response to questions after a speech at Simon Fraser University. "I don't really have in my mind the idea that you've got to get the rapid growth in order to get the unemployment rate to come down."

Bullard said he expects unemployment to decline to 7.8 percent by the end of the year from 8.3 percent in January.

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