Federal Reserve Downgrades the US Economy
Fed: Unemployment Projections Up, GDP Projections Down
The numbers weren't very pretty at all - many economists and reporters used the word "bleak" to describe the revised projections from the Fed, and I think that probably sums it up best.
Let's start with GDP growth:
2011
Current Projection - 1.6 to 1.7%
June Projection - 2.7 to 2.9%
2012
Current Projection - 2.5 to 2.9%
June Projection - 3.3 to 3.7%
2013
Current Projection - 3.0 to 3.5%
June Projection - 3.5 to 4.2%
2014
Current Projection - 3.0 to 3.9%
November Projection - n/a
Now, unemployment:
2011
Current Projection - 9.0 to 9.1%
June Projection - 8.6 to 8.9%
2012
Current Projection - 8.5 to 8.7%
June Projection - 7.8 to 8.2%
2013
Current Projection - 7.8 to 8.2%
June Projection - 7.0 to 7.5%
2014
Current Projection - 6.8 to 7.7%
June Projection - n/a
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Note: Annualized GDP growth (advance estimate) for Q3/2011 was 2.5%, while the most recent unemployment rate (September 2011) was 9.1%.
Source: Federal Reserve - Federal Reserve Economic Projections from Nov 1-2 FOMC Meeting
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