Fed's Williams sees improvement in labor outlook by end of year

NEW YORK Thu Feb 21, 2013 2:09pm EST

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NEW YORK Feb 21 (Reuters) - Signs of substantial improvement in the outlook for the U.S. labor market should be seen by the latter part of this year, a top Federal Reserve official said on Thursday.

Answering questions following a speech to the New York Forecasters Club, John Williams, president of the San Francisco Federal Reserve Bank, said he expects the Fed will not overshoot its inflation objective if the central bank starts raising rates when unemployment reaches 6.5 percent.