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Even if the economy were to add 300,000 jobs per month, though, there would still be considerable slack in the labor market through 2012, he said.
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And second, because there is considerable slack in the economy, needed infrastructure projects can be completed at serious discounts; labour, materials, and equipment are all very cheap right now.
As long as there is considerable slack in the economy and inflation remains low, the government should be able to finance targeted fiscal measures for job creation at reasonable interest rates, provided such measures are paired with a credible and enforceable deficit reduction plan.
Underemployment, in the form of short hours and unstable work, is still prevalent, which suggests that there is still considerable slack in the labor market.
He said: "Unemployment remains very close to its record high, suggesting that there is still considerable slack in the currency union's labour market.
Third, the considerable slack in the labour market suggests that, even if inflation expectations have edged up, they will not lead to higher earnings growth.
Fed officials have long asserted that the economy still has considerable slack in the form of unemployed workers and unused factory capacity.
Savings in car emissions should be considerable.
There was considerable truth in the narrative.
There is a long list of reasons to think that tightening policy too fast is far riskier than tightening too slowly: there is strong evidence of considerable labour market slack in America and abroad, there is considerable disinflationary pressure radiating out from Europe and emerging markets, and the number of potential geopolitical shocks seems to grow by the day.
The range in prices is considerable.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com