By Howard Schneider
WASHINGTON (Reuters) – The last time the U.S. unemployment rate fell below 3%, as one Federal Reserve official has predicted it will this year, the Korean War was nearing its end and a recession that saw legions of workers lose their jobs was just around the corner.
While the circumstances were unusual, it nonetheless presented a now-familiar pattern – a falling unemployment rate eventually giving way to recession – that current Fed officials will be challenged to avoid as…
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