The unemployment rate will remain above 7% for the next three years and the country won’t be at “maximum employment until 2016,” Federal Reserve Bank of San Francisco president and chief executive John C. Williams said Friday.

Economic recovery is “frustratingly slow and halting,” and the “massive destruction of wealth” the crisis caused by pushing down home and stock prices, the tightening of credit, and uncertainty about the European situation all contributed to the slow recovery, Williams told the Central Bank of Chile, according to prepared text released by the Fed.

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