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Greenspan: Flexible economy will replace jobs
Washington-AP -- Alan Greenspan says the U-S economy is flexible enough to replace jobs that were lost in the last recession. The Federal Reserve chairman says however that laid-off workers may need to be retrained to qualify for new work. Greenspan's comments came in a speech prepared for an economic conference in London. The central banker, in his comments, addressed fears that many of the two-point-eight (m) million manufacturing jobs lost in the past three and a-half years could be gone forever to lower wage countries. He said competition from low-wage countries was not a new development. He said that in the 1950s and 1960s, there was concern that American jobs were migrating to Japan and then Mexico. Greenspan's comments came a day before the Federal Reserve begins a two-day policy-setting session in Washington. He made no mention of monetary policy. Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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