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Fed says jobless rate to drop slowly

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posted on Nov, 24 2009 @ 03:16 PM

WASHINGTON -The Federal Reserve says the unfolding recovery will probably be gradual, as modest growth keeps the nation's unemployment rate elevated over the next several years.

Most Fed policymakers say it could take "five or six years" for the economy and the labor market to get back on a path of full health.

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. Growth next year should turn out slightly better than the Fed previously projected.

The Fed says the jobless rate could hover between 8.6 percent and 10.2 percent next year.

Please visit the link provided for the complete story.

This is consistent with what the current administration has been saying. The jobless rate will be one of the last indicators of the economy turning around.

The present crisis, with its high unemployment, wasn't a day in the making and won't be a day in the fixing. It was the result of deregulation and reckless and irresponsible behavior by Wall Street.

The slow recovery is by no means an indication that the stimulus packages aren't working.

We Americans tend to want everything tomorrow, and threaten to throw out the current government if we don't get it in a day.

[edit on 24-11-2009 by Sestias]

posted on Nov, 24 2009 @ 03:22 PM
reply to post by Sestias

So are you implying the current administration is right?The current administration could find the facts with both hands a flashlite and a trillion dollars.You are sadly mistaken.Unemployment is NOT easing up. There is no man made global warming.KSM is not a citizen.Health care will not make any one healthier and the current administration does not care.

The Fed says the jobless rate could hover between 8.6 percent and 10.2 percent next year.

It is at 10.2 and the only reason it might not go higher is because people will exhaust their unemployment.Then watchout.You need to realize something to the current administration you are the enemy.

[edit on 24-11-2009 by genius/idoit]

posted on Nov, 24 2009 @ 03:24 PM
reply to post by genius/idoit

If you read the OP it says that the jobless rate will be one of the LAST things to turn around.

posted on Nov, 24 2009 @ 03:26 PM
reply to post by Sestias

The very last thing.
And little orphan Annie said the sun will come out tomorrow.
Neither is prophetic.

posted on Nov, 24 2009 @ 03:28 PM
reply to post by Sestias

This is consistent with what the current administration has been saying.

Consistent only when they realized that passing a stimulus did not stop unemployment from going pass 8.5%. I believe 8.5 is what Obama stated.

Word has it that some in Congress want to use the rest of the stimulus as part of another package they are currently debating. If the stimulus was or is working, why would they suggest such a thing?

posted on Nov, 24 2009 @ 03:51 PM
reply to post by jam321

It's a discussion of how the stimulus funds could be most effectively distributed. There is a good possibility that a third package may be required; not because the first two were no good but because the amount of money required to get the economy going was greater than the two first stimuli allowed.

posted on Nov, 24 2009 @ 04:20 PM
I'm just going to point out here, that the unemployment rate is ALWAYS a lagging indicator of the economy. With that being said this is all propaganda coming from the FED and the WH because they want people to spend money this holiday season. If this holiday season is way down then it's not a really good sign.

It also doesn't hurt to mention that the Audit the Fed bill passed the House.

posted on Nov, 24 2009 @ 04:34 PM
The Fed's weighing in on the jobless rate now? Hmm. Why does this strike me as odd? And why does it worry me that the Fed is so involved here? Indicator or not, is it really their place to be commenting on this? Maybe I'm wrong and it is. But I don't think so.

Over the next several years? Meaning what? Ten? Time moves slowly in Fed land. Many people can't wait several years. Maybe the banks who got the stim money can hire a few? Attach that string next time, jerks.

As to the stimulus creating jobs? Seems all it's done so far is kept some people (barely) employed.

When there were floods down here and they apportioned disaster relief money and were fixing our flooded out roads and bridges, guess what signs went up? That's right...your stimulus money putting people to work.

It's all a PR game.

posted on Nov, 24 2009 @ 04:57 PM
"...robbing from the working man to benefit Wall Street and the bankers is in full swing," quote from --I used this line in another post today.

The Ongoing crisis has completely changed the former 'forever expanding consumer-credit' model,

A model where many needless work positions were artifically supported by the over-the-top credit-expansion social/economic model of the USA economy.... where a 3-4% unemployment rate was considered 'full employment'

Wake-Up call ! A 9-10% unemployment rate will be the new 'normal'

The Think-Tanks that feed the 'FED' their outlooks & projections,
gave the FED/Treas. all this info. back when the TARP & bailouts were being formulated. We the masses are the last to be informed.

And all along most of us were holding on to the fantasy that the leaders, administration, CentralBanker Elites really cared about the people.

dream on folks

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