Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis president, said Tuesday that he is troubled by both the 9.5% national unemployment rate and the reasons it exists.

A "mismatch" exists between the skills employers want and those possessed by jobseekers, according to the prepared text of a speech he gave to an audience in Marquette, Mich. The unemployment rate should be close to 6.5%, not 9.5%, with the current job opening rate, he said.

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