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.
Top Posts & Pages
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Half century of memories — Christmas on Deer Creek to celebrate 50th anniversary
- Analyst: KiOR Columbus plant may end up sold as scrap
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Ex-MDEQ leader Fisher joins Butler Snow
- Prescott leads field for Conerly Trophy as state's best football player
- Bryant wants free tuition for students with technical diploma
- Prison-contract task force working in wake of Epps' indictment
- Gulf oil rig explosion kills one worker, injures three
- Former MDEQ Executive Director Trudy Fisher joins Butler Snow