Fed Cuts GDP Forecast, Ups Unemployment Expectations

Written on by V2A, Filed under
Business, Economics
 15


The Federal Reserve on Wednesday slashed its forecast for economic growth, raised projections for unemployment, and suggested Europe’s debt crisis posed big downside risks to the U.S. economy.

However, it took note of a strengthening of the U.S. economy in the third quarter and held monetary policy steady.

While the U.S. central bank offered no direct hints it was considering fresh steps to help the economy in a post-meeting statement, one official pushed for action. In the end, the Fed mustered a 9-1 vote for a steady course.

“Economic growth strengthened somewhat in the third quarter,” the central bank said in a post-meeting statement. “Nonetheless, recent indicators point to continuing weakness in overall labor market conditions, and the unemployment rate remains elevated.”
“There are significant downside risks to the economic outlook, including strains in global financial markets,” it warned.

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  • samtman

    As a progressive I have to ask myself, who is this Bernanki guy side on anyway.

    • ricbee

      Are you asking why he didn't lie?

  • SEAN MURRY

    He is on nobodys side just another crook.

  • John

    "Unemployment remains elevated" ya think? What's funny is the very people that voted Odummer into office now can't find a job so their pitching tents and living in city parks. Still living off the government but at least not as comfortably as before. I pray for all the misery mother nature can dump on the OWS idiots. Get your butts to work like the rest of us and you won't have time to "camp out".

  • Jonathan Gartner

    Unemployment is down a little bit now because of tempoary hiring for the Christmas season, When it is over you will see a large drop because the numbers in retail will be down it may not take until after the holidays for the numbers to drop, As for this idiot our economy looks stronger only because of the weakness of the European economy makes us look better. We are not quite at a stand still in growth Europe is not only a flat line of growth some countries are going backwards.

  • http://adrianvance.blogspot.com adrianvance

    All Federal statistics get marked down a month or two after they are first reported. This is typical of Administrations that consistently lie to the people. Vote Out! Vote them all out and start over.

    The Two Minute Conservative at http://adrianvance.blogspot.com has political analysis, science and humor. Now in the top 3% on Kindle.

  • Patriot7

    Unemployment statistics are down because many people have stopped looking for work and are therefore not counted in the Fed's unemployment statistics. Also, retailers are beginning to hire temps for the holiday season coming up which skews the statistics. The big story is what is happening in Europe and specifically in Greece. If Greece defaults, we can expect to see a significant impact upon the US stock market and the wall street financial area. In the past, when Europe got into economic trouble, it didn't have a great impact upon our economy. Today with the global economy in full swing, any reverberations in Europe have immediate impact upon our markets which creates havoc with US investors and their retirement portfolios. In view of current happenings, it does not appear that there is much room for optimism in the near future.

  • Big PaPa

    We always get a bump at Christmas time this whole set up is the progressives in both parties trying to destory our country.

  • buck

    Unemployment numbers did not drop because more people have jobs , unemployment numbers dropped because less people are still able to get benefits and so are not signing up .

  • GUEST ON THIS PLANET

    THEY DONT HAVE A CLUE OF WHAT THEY ARE DOING OR WHAT SHOULD BE DONE , THROW SOME MORE DARTS AT THE CHARTS .

  • tweety

    It wouldn't matter to this administration if Jesus Christ himself gave the warning. Obama is on a suicide mission to bring down the country.

  • victorbarney

    "The Fed" is exactly where all the money to "bust" our budget and bring on the planned marxist economic collapse is coming from, isn't it? Watch, not much longer now, before September 16, 2012, Feast of Trumpets? Again, just wondering?

  • Jody

    You know, our CONSTITUTION gives us remedy to both the Federal Reserve and this seditious
    traitor in the white house who is not a citizen and doesn't understand/like our culture. The founders created the presidential eligbility criteria for a reason. Do you like the results of ignoring it?

  • fish

    Make no mistake the Marxist socialist have changed their names to Progressive Liberals , they think they can fool us. The Nazi party was the National Socialist Democratic Party. The same people running the Fed and the Wall Street protest. They are slowly dragging down all economies . They want poverty , violance and anarchy. So the populus will cry save us! Then they can put there boot on your neck and declare martial law. This will be accomplished by the debit crisis. First greek dollar falls, so they lower ours . Then China lowers theirs, and the spiral begins. Soon Hyperiflation and food shortages , 50% unemployment. And the sheeple will surrender.

  • buck

    They shoud know , they are the ones bringing it about , nor is it an accident .

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