WASHINGTON — Despite the progress that has been realized in lowering the unemployment rate from its peak levels, "there's a way to go before the Fed can claim that the maximum employment objective has been achieved," Atlanta Federal Reserve President Dennis Lockhart said Monday.

Lockhart also noted "slower" employment dynamics overall - reflecting both hires and separations in the form of resignations, layoffs, and retirements - adding that data on full time and part time work suggest that "the unemployment rate does not fully capture the true underutilization of labor resources today in our economy."

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