DANVILLE -- The head of the Federal Reserve Bank of Richmond says better economic times are ahead. Richmond Fed President Jeffrey Lacker offered some optimism this morning to community and business leaders in Danville, a metropolitan area with the highest unemployment rate in Virginia.
The former textile and tobacco area recorded a 12.8 unemployment rate in June.
In his prepared remarks, Lacker said that while the country has endured a severe economic downturn, he is confident the outlook is improving. He says the latest data show the economy is leveling out and several leading indicators have registered modest advances since the first quarter. Lacker this year is a voting member of the Federal Reserve's Open Market Committee, which sets interest rates.
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