Although the labor markets have been improving the nation has yet to reach maximum employment, Federal Reserve Bank of Atlanta President and Chief Executive Officer Dennis Lockhart said Monday.

"The recovery has been under way for more than four years now. Unemployment at its peak reached 10 percent," Lockhart said in a speech in new York, according to prepared text released by the Fed. "The official unemployment rate now stands at 7.3 percent-somewhat higher than the 5.3 to 6 percent range that many economists have historically referred to as 'full employment.' We've made a lot of progress, but there's a way to go before the Fed can claim that the maximum employment objective has been achieved."

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