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Fed's Lockhart says U.S. losing some economic 'mojo'
WASHINGTON (MarketWatch) - The U.S. economy is losing some of its economic dynamism and it will take creative leadership to recapture this "mojo," said Dennis Lockhart, the president of the Atlanta Federal Reserve, on Monday. In a speech to the Louise Blouin Foundation in New York, Lockhart said data show the employment dynamics of the U.S. economy are slower, with fewer firms expanding employment and fewer people quitting work to find new opportunities. In addition, labor productivity has slowed down in recent quarters. Lockhart said he thinks that this slow productivity growth trend will be temporary, but noted that many economists are more pessimistic about the pace of innovation in the economy. Finally, there has been a drop in new business formation, he said. Only some of this
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