More from Fed's Fischer: GDP data may understate economy's health
Federal Reserve Vice Chairman Stanley Fischer:
- Says U.S. employment data is more reliable than output (GDP) data, which is subject to wide revisions
- "I have a firm belief that the employment data are significantly better than the output data. You do see huge revisions in the GDP data from time to time"
- "I think there is a significantly positive probability that GDP data may not be accurate"
- Also ... 'We didn't plan the depreciation of the dollar but that is what is happening.'' He later clarified through a Fed spokeswoman that he had meant to say "appreciation" in reference to the U.S. currency
Fischer answering audience questions after a speech at an Atlanta Federal Reserve conference in Georgia