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
- UMMC reaching out after death of high school football player
- MDOT: Work on I-269 is on schedule, several phases at halfway point
- Margaritaville owner files for bankruptcy before landlord hearing
- Delta Council says condition of Highway 6 'of crisis dimensions'
- Severstal completes the sale of Columbus plant to Steel Dynamics
- Another marker going up on Mississippi Country Music Trail
- Researchers fly drone into hurricane for the first time
- House votes for transfer of Yellow Creek Port land to state
- City leaders vote against offering insurance to one adult, possibly same-sex partner