Fed sees a stronger, but still jobless, recovery |
| Minneapolis Star Tribune - Feb 16, 2011 |
Policymakers at the Federal Reserve on Wednesday substantially upgraded their forecasts for how much the economy will grow this year, though they expect unemployment to remain painfully high for some time.
Top Fed officials now expect the output of goods and services to grow by 3.4 percent to 3.9 percent this year, up from the previous forecast, released in November, of 3 percent to 3.6 percent. But their grim outlook for the job market was largely unchanged: 8.8 percent to 9 percent unemployment this year, only one-tenth of a percentage point lower than its November forecast.
If the Fed's most optimistic forecast were realized, it would be the fastest annual growth since 2004, when the economy expanded by 3.6 percent. But experts say even that rate of growth would only bring down unemployment, now at 9 percent, slowly -- to slightly less than 8 percent by the end of 2012, when President Obama will seek reelection.
Read Full Article from Minneapolis Star Tribune
- Posted: 2011-02-16 21:54:57
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