1/14/2012

Chicago Fed President thinks Unemployment is likely to temporarily rise, at end of the year about where it is now

Another depressing forecast. The jobs added last year didn't keep up with the growth in population (1.64 million jobs versus about 1.9 million new working age people). From Bloomberg:

Federal Reserve Bank of Chicago President Charles Evans said the drop in the unemployment rate to 8.5 percent may be partially reversed in coming months.
“I’m a little concerned that the most recent improvement is going to be transitory and it might move up above 8.5 percent,” Evans said in response to audience questions after a speech today in Carmel, Indiana.
Evans said he forecasts that “at the end of the year, we’re not going to be very different from 8.5 percent unemployment.” . . .

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