Walker Aide Supports Tax Shift  |   Home  |   Overheard

Fed Revises Growth Forecast Down

Wonderful.

The Federal Reserve has cut its 2011 growth forecast for the US economy, newly released minutes of its last policy committee meeting reveal.

The Fed expects growth of 3-3.6% next year, down from its previous 3.5-4.2% estimate.

It also forecasts higher unemployment and lower inflation than before.

Meanwhile, it has emerged that the US economy grew faster than first thought in the third quarter of this year, at an annualised rate of 2.5%.

This was revised up from an initial estimate of just 2%, the Commerce Department said.

Posted by Owen at 1721 hrs
Economy + Politics + Politics - General

1. As a resident of the UK those figures sound great - our economy is likely to see little or no growth for the next few years!

   Posted by abstract canvas on November 24, 2010 at 0910 hrs
   
   
   

2. As a resident of the United States who has barely managed to hang on for the past two years, those numbers sound great.

   I know it is the right thing to do to bag on Obama for not delivering on his promises, and I do enjoy doing so, but growth is good. The last two years have been really, really bad. The average American makes almost 15% less than s/he made in 2006, homeownership rates are lower than they have been in 40 years, foreclosures are up, blah, blah…...

   Although I am concerned about the ramifications of a full recovery on the 2012 elections, I think relief for the American people is a lot more important than politics.

   Posted by .(JavaScript must be enabled to view this email address) on November 24, 2010 at 0948 hrs
   
   
   

Commenting is not available in this channel entry.