Fed’s Lockhart Says U.S. Jobless Rate Is Unacceptable

Federal Reserve Bank of Atlanta President Dennis Lockhart said policy makers should continue with record monetary stimulus and try to bring down unemployment that’s persisting at an unacceptably high level.

“There are definitely hopeful signs of sustained recovery in 2011,” Lockhart said today in the text of a speech in Miami. “That said, I believe it is a bit early to declare victory, and, to be sure, employment is nowhere near acceptable levels.”