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Fed stands by stimulus, sees stronger US economy
WASHINGTON (AP) â¿¿ The Federal Reserve isn't yet convinced that the U.S. economy's growth can accelerate without the Fed's drive to keep borrowing costs at record lows. It wants to see sustained improvement.
That was the message Fed officials sent Wednesday, when they reinforced their plan to keep short-term interest rates at record lows at least until unemployment falls to 6.5 percent.
The Fed will continue buying $85 billion a month in bonds indefinitely to keep long-term borrowing costs down. Fed chief Ben Bernanke said the Fed might vary the size of its monthly purchases depending on whether or how much the job market improves. The unemployment rate has fallen to a four-year low of 7.7 percent, among many signs of a healthier economy.
Survey: Low-wage workers gloomy about future
WASHINGTON (AP) â¿¿ While lower-wage American workers have accounted for the lion's share of the jobs created since the 2007-2009 Great Recession, a new survey shows that they are also among the most pessimistic about their future career prospects, their job security and their finances.
A two-part Associated Press-NORC Center for Public Affairs Research survey of both employers and employees found high levels of anxiety among those earning $35,000 annually or less. Many of these workers say they're worse off now than they were before or during the recession.
And there's no question that workers see the world differently than do their bosses.
Seventy-two percent of employers at big companies and 58 percent at smaller ones say there is a "great deal" or "some" opportunity for worker advancement. But, asked the same question, 67 percent of all low-wage workers said they saw "a little" or "no opportunity" at their jobs for advancement.
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