Fed sees continued high unemployment
WASHINGTON — The Federal Reserve predicts unemployment will stay high over the next two years because recession-scarred Americans are likely to stay cautious making for only a moderate-paced economic recovery.
Fed policymakers say it will take “some time” for the economy and the jobs market to get back to normal. And, a minority think it could take more than five or six years for that to happen. Previously, Fed policymakers suggested it could take five or six years for economic conditions to return to full health.
In updated economic projections, the Fed says the unemployment rate this year could hover between 9.5 percent and 9.7 percent. Next year, it will drop to between 8.2 percent and 8.5 percent. By 2012, the jobless rate will range between 6.6 percent and 7.5 percent.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Canadian company purchasing Southern Lumber for nearly $50M
- Winchester lands $50M ammunition contract from Homeland Security
- Lawmakers question education leaders about escalating administrative costs
- Deer processors need to use caution to insure safe, tasty venison
- Peavey Electronics reorganizing under new globalization plan
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- C Spire completes acquisition of MegaGate Broadband
- Columbia Parachute expanding, relocating to BusinessPlex
- Tourism conference being held on Coast; industry to ask state for more money