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To: Jorj X Mckie who wrote (8234)	10/21/2002 10:11:52 AM
From: AugustWest	Respond to of 57110

(REUTERS) Fed's Stern urges patience on U.S. jobs growth Fed's Stern urges patience on U.S. jobs growth BLOOMINGTON, Minn., Oct 21 (Reuters) - Minneapolis Federal Reserve President Gary Stern on Monday counseled patience with the slow rate of jobs growth in the current U.S. recovery and said economic growth should pick up next year. "A little bit of patience here is probably appropriate," said Stern, referring to the labor market. Stern, a voting member of the Fed's policy committee, likened the slow jobs growth in this recovery to the similar situation after the 1990-91 recession. In a speech that closely followed remarks he made on Oct. 15, Stern stressed the resilience of the U.S. economy over the longer term and said economic growth should pick up from its current three percent pace by the second half of next year. He added he expects inflation will stay low. He was speaking on global and national economic conditions at a National Association of Purchasing Management conference. ((U.S. Financial Markets, 646-223-6300)) REUTERS * end of story *