Richard Fisher, president of the Federal Reserve Bank of Dallas, said the economy was "not robust but improving." Mr. Fisher said the process would take a while before jobs return as businesses must "regain confidence." "They have gone through what I call post-traumatic slack syndrome," Mr. Fisher said. "There is so much slack in the global economy ... but businesses have continued to try to cut costs to make profits but they haven't been able to lift their top lines, their sales volumes. And until they do that, I don't think they are going to hire again. So this is going to take a while."

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