US Fed's Rosengren says slow economy means job loss
SEOUL, March 28 (Reuters) - Boston Fed President Eric Rosengren said on Friday it was too earlly to say the U.S. economy was in a recession but the current period of slow growth would likely lead to an increase in unemployment.
"It is too soon to call whether or not we are in a recession. But regardless of what you call it, it is a period of very slow growth," he told reporters in Seoul after speaking at a seminar at the Bank of Korea.
"Slow growth does have the implication that you would expect a gradual increase in the unemployment rate," he said.
On the troubles caused to the U.S. financial sector by the subprime loan crisis, he said: "We need to see some stabilisation in the housing market before I would be confident that the financial turmoil is over." (Reporting by Jon Herskovitz, editing by Jonathan Thatcher)
