Cleveland Fed chief says economy still recovering

AP News
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Posted: Oct 21, 2011 7:24 AM
Cleveland Fed chief says economy still recovering

The president of the Federal Reserve Bank of Cleveland says the U.S. economy is still recovering but "underperforming" compared to the way it came out of previous recessions.

Sandra Pianalto also said in Toledo on Thursday it's troubling that many people are experiencing long-term unemployment. The Blade newspaper reports ( http://bit.ly/n7acxy) Pianalto said the job market is going through a cycle and that "uninspiring" spending by consumers, businesses, and government is the main reason for high unemployment.

The Cleveland Fed president was speaking at a symposium sponsored by the University of Toledo and the Global Interdependence Center. She said a strong regional manufacturing base is helping Ohio's economy come back, despite the state's relatively low ranking for adults with college degrees. Pianalto says that discourages companies from locating in Ohio.