Fed's economic forecast worsens

[TwixVoy]

Source: CNN

Central bank now expects unemployment to rise to a range of 9.2% to 9.6% this year. Fed also predicts a sharper decline in GDP than it had forecast in January.

NEW YORK (CNNMoney.com) -- The Federal Reserve's latest forecasts for the U.S. economy are gloomier than the ones released three months earlier, with an expectation for higher unemployment and a steeper drop in economic activity.

The Fed's forecasts, released as part of the minutes from its April meeting, show that its staff now expects the unemployment rate to rise to between 9.2% and 9.6% this year. The central bank had forecast in January that the jobless rate would be in a range of 8.5% to 8.8%, but the unemployment rate topped that in April, hitting 8.9%.

The Fed also now expects the gross domestic product, the broadest measure of the nation's economic activity, to post a drop of between 1.3% and 2% this year. It had previously expected only a 0.5% to 1.3% decline.


Read more: http://money.cnn.com/2009/05/20/news/economy/fed_minutes/index.htm?postversion=2009052014

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Ruh roh

[Oregone]

1. Where do you find state by state U6 numbers?

Are county level U6 numbers published?

[sarcasmo]

2. 13,9 here in Michigan those numbers were released yesterday.

[Javaman]

3. If they are saying 9.2 to 9.6, you can bet the real numbers are much higher than that...

and since they don't count people who have exhausted their unemployment benefits who are not back in the workforce or the people who are under employed, I fear the worst is yet to come.

Keep your head down, suck it up, don't make waves, keep out of the bullseye and hang on to your job.

what a way to live.

[lonestarnot]

4. Insider knowledge of richies laying off for suppression and social control.

Nothing more, carry on. :patriot:

[fascisthunter]

5. duh... and will get worse

because the policies so far are more of the same shit. Throwing money at Wall Street criminals and shitting on the same tax payers they take money from. When fuck over a majority in your own country, your own country turns to shit, idiots!

[OhioChick]

6. The economy will continue to worsen until people have JOBS. n/t