As if they were revealing something the American public didn’t already know, the Chief executives of Bank of America Corp. and Capital One Financial Corporation, two of the biggest consumer lenders said that, the economic recovery is “fragile” and the unemployed will struggle to find work.
Bloomberg reports that at an investor conference in New York on Monday, Kenneth D. Lewis, Bank of America’s chief executive officer said:
“If we are seeing the beginning of a real sustainable recovery, it is still in its very early stages and it is still very fragile.”
Capital One CEO, Richard Fairbank told the group:
Weak home prices are contributing to the fragility and any recovery in labor markets may be slower and more prolonged than in past rebounds.
Fairbank said too, “The reduction in hours worked creates even more slack in the labor market than is apparent in the unemployment rate.”
He added, “Because this recession is so geographically broad, workers are less able to find new jobs by moving,” Fairbank said.
