Confirming the fact the U.S. economy is far from recovering and still in a recession, a survey by the Federal Reserve Bank of Philadelphia's survey of 43 professional forecasters revealed they expect the economy to slow down from prior estimates, and unemployment to continue on at present levels.
When asked about economic growth in the fourth quarter, forecasters said they see it dropping to an annual rate of 2.2 percent, down from the previous estimated economic growth rate of 2.8 percent.
The unemployment rate is expected to remain at the current level of 9.6 percent, even though seasonal hiring for the Christmas season has added some temporary jobs to the economy.
Don't be fooled by the increase in jobs in the private sector recently, they're going to be gone not long after January 1, 2011 arrives, as retailers and others get rid of their temporary help.
For the next year, job creation is expected to be lower than before as well, with nonfarm payroll employment estimated to grow at about 86,600 this month, and 104,200 a month after that. That's down significantly from the 114,100 projected for this month, and 159,300 from there. That's about 55,000 less a month than anticipated before.
In what is sure to be faulty conclusions, those forecasters looking forward to inflation see it coming in at 2.2 percent over the next decade, as measured by the CPI.
Of course that's largely a bogus measure, as it doesn't include food and fuel, which has already risen in price strongly, and will continue into the future.
Tuesday, November 16, 2010
Economic Forecasters See U.S. Economy Slowing Even More
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2 comments:
With the constant exporting of blue and white collar jobs overseas to India and other developing nations, I have a hard time seeing how we will ever crack sub-8% unemployment rate.
We can crack sub 8% if everyone will just scale down their quality of living. America voted for change and for redistribution of wealth in 2008. Americans are still the wealthiest people in the world, and until we reduce our average citizens standards of living to that of Inda, China and Africa then there is plenty of additional redistribution to be done. Give your money to uncle Sam, so the Gov. can help corporations sign trade agreements that ship more jobs overseas and redistribute our wealth to the rest of the world. As long as your an elitest or high up in a Corporation, you will be fine. But if you're middle class, lower class or even upper middle class, you certainly have more wealth to give to China, India and the rest of the world. So open up your wallet and give, give,, give. Now doesn't it feel good.
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