http://money.cnn.com/2012/09/12/news/economy/federal-reserve-qe3-jobs/index.html "That stands in contrast to the first two rounds of QE. Totaling $2.3 trillion, those programs are thought to have lowered the 10-year yield by one full percentage point, and created roughly 2 million jobs, according to research cited by Bernanke in Jackson Hole, Wyo. two weeks ago." "However, if QE1 and QE2 created 2 million jobs, it seems reasonable to suggest that a third, smaller round would have an even smaller impact on job creation. Although any gains would be welcome, the labor market remains in a deep hole." "The United States still needs to recover 4.7 million jobs just to get back to 2008 employment levels. The population has grown, and as of August, 12.5 million people remained unemployed." "We know that QE reduced interest rates, but we also know that has not led to more construction, more mortgages, more business investment, or more lending," Mann said. "Since it hasn't done any of that, it probably hasn't created jobs either." "Meanwhile, banks are sitting on $1.5 trillion in excess reserves and haven't been eager to lend that money out. In fact, low interest rates make it harder for them to turn a profit on new loans."
