Yup you heard it hear first, the Federal Reserve is now predicting that the near term future of the USA will included a revised LOWER rate of growth and a revised HIGHER rate of unemployment. Folks I think the economic SHTF and its not going to be better soon.
FOR THE FULL STORY => http://www.ft.com/cms/s/0/b92ecb0c-f596-11df-99d6-00144feab49a.html#axzz15y1vZApj
Just a little tid bit to entertain you:
FOR THE FULL STORY => http://www.ft.com/cms/s/0/b92ecb0c-f596-11df-99d6-00144feab49a.html#axzz15y1vZApj
Just a little tid bit to entertain you:
The revised forecasts will show how the Fed became much more pessimistic over the summer and also highlight fears among a few members of the FOMC that some of today’s 9.6 per cent unemployment rate is structural and will take years to cure.
When the FOMC published its last forecasts in June most members thought that 2011 growth would be between 3.5 and 4.2 per cent, but many now think growth will be between 3 and 3.5 per cent, and some expect less than that.
FOMC members have made particularly aggressive upward revisions to their unemployment forecasts, with a large number now predicting that it will still be 8 per cent or above at the end of 2012, compared to the 7.1 to 7.5 per cent that they forecast in June.
“Because I expect hiring to strengthen only gradually, the unemployment rate is likely to remain elevated for quite some time. In fact, I do not expect it to fall below 8 per cent before 2013” . . .