CHICAGO -- The United States economy is "probably very close" to a return to economic growth but the early stages of recovery could do little to help the job market, a top Federal Reserve policy-maker said on Tuesday.
"The job market recovery is likely to take longer than a resumption of economic growth for at least a couple of reasons," Gary Stern, President of the Minneapolis Fed, said in an interview on PBS' Nightly Business Report.
"I would think that there's a reasonable probability" of a jobless recovery, Stern added.
A resumption of growth is "not many months away," Stern said, noting support from stability in consumer spending and housing as well as the large fiscal stimulus package now in place.
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