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Fed. Reserve Expects Unemployment To Remain High For Years

Written by News One on November 24, 2009 5:15 pm

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From the Washington Post:

Top Federal Reserve officials expect unemployment to remain elevated for years to come, according to new projections released Tuesday, suggesting that the economic recovery will be too gradual to create rapid improvement in the job market.

The unemployment rate will be in the 6.8 to 7.5 percent range at the end of 2012, according to forecasts of 17 top Fed officials, down from its 10.2 percent rate in October but still far above the 5 percent or so level typically seen in a healthy economy. Most of the Fed leaders “anticipated that about five or six years would be needed for the economy to converge fully to a longer run path” with sustainable growth and thriving labor market.

Indeed, a separate report Tuesday said that the economy grew more slowly than first thought this summer — a 2.8 percent annual rate of gross domestic product growth in the third quarter, not the 3.5 percent first estimated. That suggests that the recovery started with less of a bang than originally reported. There was some good news on the economic data front, however, as new reports showed that home prices climbed in September and consumer confidence ticked up in November.

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Tags: Economy, Recession, Unemployment
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  • http://www.blackplanet.com/MR_NANASTROKER/ MR_NANASTROKER

    LMAO

    I just had 2 this shlt is hilarious

    what else was you expectin from the most diabolical crooks 4 Centuries….keep you in fear of being broke but the kicker is heightening your reliance on Monopoly Money

    what that white boy say?…..OH
    Give me death or give me Liberty

  • http://www.blackplanet.com/SoularFlarez/ SoularFlarez

    “we may not be Federal or part of the Government and we may not have any reserves of anything of value, but we ARE a private corporation that prints ‘money’ out of thin air.”

  • http://www.blackplanet.com/MR_NANASTROKER/ MR_NANASTROKER

    Dayum SFlarez

    where you get that quote from sweetheart???

  • http://www.blackinfo.net/?p=7528 Black Info.Net – African American News Hub | Black Info.Net

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  • http://www.blackplanet.com/Stan_Vinyl/ Stan_Vinyl

    They predictions ain’t shyt, they couldn’t see the shyt coming but they know how long it’s going to last?

    Da’ phucc outta here w’dat bullshyt.

  • http://www.blackplanet.com/_A_/ _A_

    i don’t know Stan. Don’t be so certain that they couldn’t see this collapse coming. According to many things I have read, Alan Greenspan was well aware of the housing bubble he was creating in the early 00′s, but did so intentionally trying to soften the blow from the last recession caused by the burst of the tech bubble back in 2000. Tim Geithner was there too as the President of the NY Federal reserve. This current recession has resulted in the loss of 7million jobs and they know they won’t be able to create another bubble to bring back half of those jobs any time soon. All that fake optimism you hear in the media is to keep the masses believing in the prospects of the future. I think the Fed can be believed on this one. Cash for Clunkers and the first time FHA home buyers program with its infusion of billions of dollars only resulted in a 3.5% growth in the 3rd quarter…..wait a minute, they have revised that number DOWN to 2.8% which means, if you were to take the stimulus money out of the equation, you’re probably looking at another negative period of growth. Now the Government is hoping like hell, people get out and $hop till they drop to get the economy going again because they have no other answers.

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