BIS central bankers’ speeches  1  pace of the economic recovery has been less vigorous than desired or expected, and the unemployment rate has declined only about 1 percentage point over the past two years.
Indeed, the number of jobs in the private sector remains more than 6 million below the peak level reached in early 2008 – a distressing development made all the worse by the fact that new entrants have, of course, continued to come into the labor force in recent years.