Federal Reserve expects unemployment to resume at a high rate over the next two years because Americans are likely to stay cautious due to the recession … For the Latest updates, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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The Federal Reserve expects unemployment to resume at a high rate over the next two years because Americans are likely to stay cautious due to the recession, making for only a moderate-paced recovery. Fed policymakers said in a forecast released Wednesday that it will take "some time" for the economy and the jobs market to get back to normal. They did not spell out how long that would be. Previously they suggested it could take five or six years for economic conditions to return to full health. A "sizable minority," however, thinks it could take more than five or six years for the economy and the job market to return to normal.
In updated economic projections, the Fed said the unemployment rate this year could hover between 9.5 percent and 9.7 percent. Next year, it will drop to between 8.2 percent and 8.5 percent. By 2012, the jobless rate will range between 6.6 percent and 7.5 percent.
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