The U.S. economy is now almost four years into its recovery, but it doesn’t feel that way to many Americans, with employment still well below pre-recession levels amid generally lacklustre growth. The subdued economic and jobs backdrop prompted the Fed to initiate QE3 in late 2012, and interest rates are expected to hold close to zero into 2015. Despite moderate job growth, the jobless rate has consistently surprised to the downside, falling from 10% in October 2009 to 7.5% as of April 2013.
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