Federal Reserve Chairman Alan Greenspan on Friday offered hope to Americans troubled by job losses that he saw stronger hiring ahead, but coupled it with a warning that the nation's job skills must be improved.
In prepared remarks for delivery to the Chamber of Commerce in Omaha, Neb., Greenspan acknowledged there was "palpable unease that businesses and jobs are being drained from the United States, with potentially adverse long-term implications for unemployment and the standard of living for the average American."
However, he said better times lay ahead.
"We have seen encouraging signs of late that the labour market is improving," Greenspan said. "In all likelihood, employment will begin to increase more quickly before long as output continues to expand."
The Fed chief said trade protectionism was not the answer to ensuring Amerian jobs and instead recommended "rigorous education and ongoing training" to make sure the skills needed for jobs remained sharp.