azcentral.com
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]
