NY Fed's Dudley: Unemployment unacceptably high

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NY Fed's Dudley: Unemployment unacceptably high (by Steve Goldstein)

WASHINGTON (MarketWatch) -- New York Fed President William Dudley said the unemployment rate is unacceptably high as he weighs whether the Fed should continue bond purchases into 2013. The key regional president, who always is a voting member of the Federal Open Market Committee, said he look at "the growth momentum within the overall economy and a range of labor indicators, including the unemployment rate, payrolls, the participation rate, the employment to population ratio and job finding rates" to determine whether there's "substantial improvement in the labor market." He said fourth-quarter GDP will be hit by between 0.25 and 0.50 percentage points by Hurricane Sandy.

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