Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Thank you, Mr. Chairman. In commenting on President Moskow’s question you mentioned the disconnect between employment and GDP, particularly in the construction area. Somehow the lag argument doesn’t ring very true to me on that one, given that residential construction has been down for such a long time and I think a lot of the smaller companies are hard pressed and probably some of them are going into bankruptcy. So could you elaborate on that aspect of the employment puzzle here?

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