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Federal Reserve says unemployment rate to drop gradually
2009-11-25 04:46:05 (GMT) (Caymanmama.com - Government News)
Detroit, Michigan (CaymanMama.com) — Showing a promise of improvement for the future of the nation’s unemployment rate, the Federal Reserve said Tuesday that the jobless recover rate will most likely be a gradual one.
This slow growth will still keep the nation’s jobless rate at a higher level over the next few years.
Most policymakers at the Federal Reserve said the forecast for a full recovery could take as much as “five or six years” both for the struggling economy as well as the labor market to stabilize.
According to the Associated Press, “In updated economic projections, the Fed says the economy’s contraction for all of this year won’t be as deep as it thought in a forecast released in the summer. That’s because the second half of this year is shaping up better than anticipated.”
Job growth for 2010 may fare better than the Federal Reserve previously projected, while the unemployment rate may stay between 8.6 percent and 10.2 percent next year.
CaymanMama.com - Press Release Distribution Service
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