Officials from the United States Federal Reserve suggest that a third quantitative easing (QE3) is appropriate following the unsatisfactory jobs report released by the United States Department of Labor for June. The total jobs created by employers last month was 80,000, in spite of the expected 90,000 jobs which must decrease current 8.2% unemployment rate in the country.

A report from the Chicago Tribune Business quoted Boston Federal Reserve President Eric Rosengren’s statement, at the forum in Bangkok he said that the latest jobs data was weak and a quantitative easing is necessary. Rosengren said, “So far data has been coming in weak, and I gave a weak forecast myself. I think it’s appropriate to have more quantitative easing.”

A related report from Reuters also quoted Rosengren explanation of his pessimism about economic growth, which according to him is based on weak expectations on investments, exports, government spending and the existing economic and financial conditions in Europe.

Charles Evans, President of the Chicago Federal Reserve, concurred with Rosengren’s view regarding the necessity of implementing QE3. Evans cited that additional monetary accommodation is necessary to speed up the further growth to its full potential level. He said that the current economic situation “warrant extremely strong accommodation.”

Prior to the latest recommendation of the Federal Officials, Reuters previously reportedthat people from the Wall Street were expected a QE3 implementation due to the weak jobs data and the economic turmoil in Europe. Michael Hanson, economist of the Bank of America Corp (NYSE:BAC), Merrill Lynch, commented that there was a great chance for a QE3. Morgan Stanley (NYSE:MS) estimated that the Feds would pour as much as 80 percent further monetary stimulus.

On the other hand, other big financial institutions expect the Federal Reserve to expand its third quantitative easing program by 70 percent, approximately $2.3 trillion.

November 3, 2010, the Federal Reserve implemented a $600 billion QE2 to elevate the country’s economic growth and to create more jobs. During that period, the unemployment rate was 9.6 percent. During the QE2, the S&P 500 stock market gained 6%, treasury yield went up from 2.5% to 3.4% while gold and silver trading during all time experienced high level of growth up to 30%.