The speed of economic recovery is expected to be rather sluggish despite some real and positive signs in the job market that the end of the recession is in sight.
The latest evidence: In minutes released from a recent Federal Reserve meeting, economists have tempered optimism with a hard dose of reality. In August the Fed talked publicly about how they believed that the economy had reached the bottom. Many took that as a sign that recovery is coming soon, but the minutes paint a slightly different picture, suggests a NY Times article.
Fed officials said the economy would probably grow slowly through the last months of 2009, and they said it was still vulnerable to “adverse shocks.” Unemployment, they pointed out, remained high. Businesses were skittish about hiring. Income growth was sluggish. And credit was still tight for millions of households.
The minutes of the committee’s latest meeting, held in mid-August, offered a more detailed picture of the central bank’s thoughts on the economy and its programs to get credit flowing normally again and restore confidence in the markets. Last month, the Fed announced it was winding down a program to buy some $300 billion in Treasury bonds, a small step toward normalcy.
But the Fed kept its benchmark interest rate unchanged at their record-low levels near zero percent, and signaled that rates were likely to remain low for some time.
Economic healing is expected to be slow, and more job losses are expected for the remainder of the year as most economists expect the unemployment rate to reach upwards of 10 percent.
So where should you look for work?
As we detailed recently, demand is higher for jobs in specific areas in healthcare, technology, math, business operations and sales, along with some demand in media, administration and engineering.
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