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Fed Changes Growth, Employment Forecast for the Worse

Posted on Nov 2, 2011
Flickr / clementine gallot (CC-BY)

Back in June, the Federal Reserve predicted a sunnier economic future for the U.S. than it did Wednesday, when the Fed released revised figures for both growth (it’ll happen more slowly) and unemployment (it’ll continue to hover around 9 percent) through 2012. But the news wasn’t all gloomy, as The Washington Post relayed that day.  —KA

The Washington Post:

The central bank’s latest forecast released Wednesday predicts that the economy will grow just 1.6 percent to 1.7 percent for all of 2011. For 2012, growth will range between 2.5 percent and 2.9 percent. Both forecasts are roughly a full percentage point lower than the Fed’s projections from June.

The unemployment rate has been stuck near 9 percent for more than two years. The Fed doesn’t see that changing this year. It predicts it will fall between 8.5 percent and 8.7 percent next year. In June, the Fed had predicted unemployment would drop next year to as low as 7.8 percent.

[...] Since then, the outlook has improved slightly. The government last week said the economy grew at an annual rate of 2.5 percent in the July-September quarter, the best quarterly growth in a year. That was largely because consumers increased their spending at triple the rate from the previous quarter.

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By Bob, November 3, 2011 at 11:34 pm Link to this comment
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“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong…somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises….I say after eight years of this Administration we have just as much unemployment as when we started….And an enormous debt to boot!”

Henry Morgenthau, the guy who played a major role in designing and financing the New Deal.

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By surfnow, November 3, 2011 at 5:54 am Link to this comment

First of all I wish unemployment was only “hovering” around 9 percent- the real figure is closer to 16 percent- and then when you add the underemployed, it is a Great Depression -like 22 percent. The inflation rate is also bogus. Come to think of it everything that comes out of DC via the MSM is totally bogus.

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By Steve E, November 2, 2011 at 9:04 pm Link to this comment

War with Iran coming soon. Knock yourself out with predictions all you want
suckers. Israel has been sitting idle long enough.

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prisnersdilema's avatar

By prisnersdilema, November 2, 2011 at 6:35 pm Link to this comment

I still remember all to well the green shoots…now that analogy has been abandoned for
some other legerdemain…....can you even see us way down here Mr. Fed Man?
Can you?

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