Busted: Bankers and The Global Economy

June 26, 2009

Jobs and Inflation: Bernanke Kisses Up

labor statistics May 2009“…the Federal Reserve aims for maximum employment and price stability. To achieve those goals, we must formulate policy based on our best assessment of where the economy is heading. Clearly, the timeliness and reliability of your labor market and price reports are critical to us. Besides those monthly indicators, our analysis and forecasting of inflation and real activity require a number of BLS (Bureau of Labor Statistics)  inputs. We need to understand productivity because it is a key element in determining how fast the economy can expand without generating inflation. And we need to factor in trends in wages and benefits, in consumer spending, and in how U.S. wage, price, and productivity trends compare with those abroad. Indeed, the analysis, research, and forecasting that forms the foundation for our policymaking must be grounded in solid economic information, such as the BLS provides.” ~ Chairman Ben S. Bernanke at the Bureau of Labor Statistics 125th Anniversary Celebration in Washington, D.C.

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