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

As we look at the historical relationship between growth and employment, we think hiring will kick in at some point here, and when it does we may be understating payroll gains. We have revised down our payroll employment forecast in recent rounds. As I look at the blue line in the top left chart, the rise does seem a little shallower than the norm. But that may be a second order effect in the eye of the beholder; I could imagine a period of gains in payroll employment for a while in excess of what we’ve written down here.

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