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Fed's economic forecast worsens
Central bank now expects unemployment to rise to a range of 9.2% to 9.6% this year. Fed also predicts a sharper decline in GDP than it had forecast in January.
By Chris Isidore, CNNMoney.com senior writer
Last Updated: May 20, 2009: 4:20 PM ET
NEW YORK (CNNMoney.com) -- The Federal Reserve's latest forecasts for the U.S. economy are gloomier than the ones released three months earlier, with an expectation for higher unemployment and a steeper drop in economic activity.
The Fed's forecasts, released as part of the minutes from its April meeting, show that its staff now expects the unemployment rate to rise to between 9.2% and 9.6% this year. The central bank had forecast in January that the jobless rate would be in a range of 8.5% to 8.8%, but the unemployment rate topped that in April, hitting 8.9%.
The Fed also now expects the gross domestic product, the broadest measure of the nation's economic activity, to post a drop of between 1.3% and 2% this year. It had previously expected only a 0.5% to 1.3% decline....
Well how did those 'stress tests go?' Worse case scenario, which was already worse in reality by the time data released? It's getting worse yet:
Fed's economic forecast worsens - May. 20, 2009
Fed's economic forecast worsens
Central bank now expects unemployment to rise to a range of 9.2% to 9.6% this year. Fed also predicts a sharper decline in GDP than it had forecast in January.
By Chris Isidore, CNNMoney.com senior writer
Last Updated: May 20, 2009: 4:20 PM ET
NEW YORK (CNNMoney.com) -- The Federal Reserve's latest forecasts for the U.S. economy are gloomier than the ones released three months earlier, with an expectation for higher unemployment and a steeper drop in economic activity.
The Fed's forecasts, released as part of the minutes from its April meeting, show that its staff now expects the unemployment rate to rise to between 9.2% and 9.6% this year. The central bank had forecast in January that the jobless rate would be in a range of 8.5% to 8.8%, but the unemployment rate topped that in April, hitting 8.9%.
The Fed also now expects the gross domestic product, the broadest measure of the nation's economic activity, to post a drop of between 1.3% and 2% this year. It had previously expected only a 0.5% to 1.3% decline....
Of course it might have helped if those billions were not going over seas,
we were not forcing GM to move overseas,
the projects were actually shovel ready now and not in 2011, etc etc etc.
Of course it might have helped if those billions were not going over seas,
True...thank you, once again, FREE TRADE for destroying the American economy
we were not forcing GM to move overseas,
We're forcing them to do that? Well, FREE TRADE has really made doing anything else virtually impossible
the projects were actually shovel ready now and not in 2011, etc etc etc.
There are hundreds of billions of dollars worth of projects underway right now.
Stimulus dollars put to work - USATODAY.com
Most of these had been sitting waiting for funding and they are now happening.
Don't you ever get tired of being wrong?
