President and CEO of the Federal Reserve Bank of St. Louis James Bullard gestures during an interview at the Federal Reserve Bank of St. Louis June 8, 2011."Jobs report will probably be one of the worst ever" on Friday, St. Louis Federal Reserve President James Bullard saidWhile alarming, it's expected because "you're using the unemployment insurance program to provide pandemic relief," Bullard said.
Bullard expects the worst economic fallout in the second quarter, but said he thinks the US should return to growth quickly and be "finishing up this process" by the end of the year. It's likely that the government's April jobs report due Friday will be one of the worst in history, St. Louis Federal Reserve President James Bullard said"Jobs report will probably be one of the worst ever," Bullard said.
Still, Bullard said that the situation is not surprising. "It's a pandemic, it's a shutdown situation," he said, adding that it's necessary to help the workers who have been asked to stay home. Bullard has long been one of the more bullish voices in the Fed. He said he expects the worst of the economic fallout to take place in the second quarter.
He expects the third quarter to be a "transition quarter," he said, but that the US will return relatively quickly to growth and by the end of the year will be "finishing up this process." The unemployment rate, which is expected to jump above 10% in April, could fall back below double digits by the end of the year, Bullard said.
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