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wsj art 7-9 art - The recent spate of weaker economic data...

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The recent spate of weaker economic data doesn’t mean the U.S. recovery is faltering, and the Federal Reserve continues to get closer to the time when it will need to raise interest rates, a top central bank official said Thursday. Bloomberg News Richmond Fed President Jeffrey Lacker “The economy is still growing,” Federal Reserve Bank of Richmond President Jeffrey Lacker told Dow Jones Newswires. While it’s true that “the risks of slower-than-average growth for a couple of quarter may be notched up a bit,” the official said “it’s important to remember recoveries are choppy and uneven in the early stages.” Lacker was interviewed at a time of rising concern about the state of the U.S. economy. Persistently high unemployment and the widespread belief that growth is slowing–due in large part to uncertainty over major health-care and bank reforms in Washington and the threat posed by European economic and financial problems–are driving the anxiety. Economists have reacted by pushing back their estimates of when the Federal Reserve will raise interest rates. Many forecasters
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