At an economic conference on Monday, Federal Reserve Chairman Alan Greenspan gave a speech in which he expressed confidence that jobs lost in the last recession can be replaced. There has been concern that these manufacturing jobs have been permanently lost to low-wage countries. Greenspan reassured the American public that the U.S. economy would be able to generate enough jobs in high-skill industries to replace jobs that face the most competition from low-wage labor. He also warned that any attempt to step up protectionist measures could harm the global economy.