ROANOKE, Va. — Federal Reserve Bank of Richmond president Jeffrey Lacker Monday said there is a possibility economic growth in the United States might be below trend for a sustained period, as many businesses remain reluctant to increase their workforce — despite rising demand — due to uncertainty about the strength of the recovery.

In remarks prepared for delivery at the Southern Growth's 2011 Chairman's Conference in Roanoke, Va., Lacker did not comment on current monetary policy, instead focusing primarily on the evolution of manufacturing the South.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.