Fed's Evans says about one-quarter of drop in jobless rate is cyclical

NEW YORK Fri Feb 28, 2014 3:09pm EST

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NEW YORK Feb 28 (Reuters) - A senior Federal Reserve official said on Friday that about one-quarter of the reduction in the U.S. unemployment rate was due to cyclical factors.

Chicago Fed President Charles Evans made the remark at a conference in New York. The U.S. unemployment rate hit a new five-year low of 6.6 percent in January.

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