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Fed Upgrades Economic Outlook [7.8% Unemployment Predicted In 4th Quarter!]
LATimes ^ | April 25, 2012 | Don Lee,

Posted on 04/26/2012 6:03:24 PM PDT by Steelfish

Fed Upgrades Economic Outlook At the end of their two-day meeting, Federal Reserve policymakers said unemployment could fall to 7.8% in the fourth quarter. They project slightly faster economic growth this year, including improvement in housing.

Federal Reserve policymakers offered a more upbeat assessment of the economy after their two-day meeting ended. By Don Lee, Los Angeles Times April 25, 2012, WASHINGTON — The Federal Reserve upgraded its outlook for the economy, predicting the unemployment rate would fall to as low as 7.8% in the fourth quarter — a drop that could have a significant effect on the presidential election.

Just three months ago, most Fed policymakers expected the nation's jobless figure to be 8.2%, its current rate, or higher in the last three months of the year.

The improved outlook, issued Wednesday at the end of a two-day Fed meeting, reflects a sharper-than-expected drop in unemployment in recent months and projections for slightly faster economic growth this year, including some improvement in the downtrodden housing market.

Nonetheless, the U.S. economy will expand only moderately over coming quarters, the central bank said in a policy statement that accompanied the new quarterly forecast.

Fed officials voted 9 to 1 to stick with their existing easy-money policies, reaffirming a pledge to keep short-term interest rates at record lows through 2014. The Fed's federal funds rate, which has been near zero since late 2008, influences loan rates for businesses and consumers.

The Fed's statement didn't indicate that additional efforts to boost the economy were on the way.

Some economists and critics have argued strenuously that the Fed should do more to support the economy and reduce the high unemployment rate by making another round of big bond purchases, which could help lower long-term rates and bolster growth.

(Excerpt) Read more at latimes.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS:

1 posted on 04/26/2012 6:03:27 PM PDT by Steelfish
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To: Steelfish

Maybe they should have done this a day after finding out jobless claims are up and housing prices are down.


2 posted on 04/26/2012 6:05:24 PM PDT by EQAndyBuzz (Solyent Pink is Sheeple!!!!)
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To: Steelfish
unemployment rate would fall to as low as 7.8% in the fourth quarter

Whoopee FReeking Ding.

It will probably be for the same reason the official rate dropped to 8.3/8.2%, people supposedly dropping out of the labor force. What they really do is run out of unemployment benefits, and thus are more difficult to count.

I'll be running out myself soon. Six weeks left, INCLUDING this week.

I should have sold my house already, but that would feel like giving up. I'm still spending several hours a day searching for another job. When i try to apply for jobs requiring less experience than I have, I get rejected as not meeting their needs. I've had a handful of telephone interviews with the hiring/technical managers. Only two on site interviews, in 16 months, not counting the two months after we were notified of the layoff, but before it actually occurred.

3 posted on 04/26/2012 6:11:04 PM PDT by El Gato ("The second amendment is the reset button of the US constitution"-Doug McKay)
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To: EQAndyBuzz

If this is true, they must be expecting millions of jobless to become discourage and leave the workforce as they’ve been reporting for 3 years. The improvement certainly isn’t going to come from an increase in the number of jobs unless the government is going on a hiring spree. Perhaps all of this year’s college grads will help out the unemployment stats by going to graduate school and staying out of the work force.


4 posted on 04/26/2012 6:13:09 PM PDT by Soul of the South (When times are tough the tough get going.)
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To: Steelfish

Hey why don’t they just call it 0 percent unemployment, we all know they want to..anything to get their big eared kenyan freak re-elected


5 posted on 04/26/2012 6:15:39 PM PDT by Sarah Barracuda
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To: Soul of the South
unless the government is going on a hiring spree

I suspect that this summer we'll have a surge in hiring of folks to work the Occupy XXXX protests, followed by hiring of people to be "poll watchers". All government "jobs" of course, but they will indeed count.

6 posted on 04/26/2012 6:16:07 PM PDT by Cementjungle
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To: Sarah Barracuda
big eared kenyan freak

LOL!
7 posted on 04/26/2012 6:26:53 PM PDT by Signalman
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To: Signalman

Sniff, sniff...is that the books I smell cooking?


8 posted on 04/26/2012 6:33:42 PM PDT by ibytoohi
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To: Steelfish

Ahhh, just in time for the election... who’d -a-thunk-it...


9 posted on 04/26/2012 6:33:52 PM PDT by dps.inspect (the system is rigged...)
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To: Steelfish

Don’t worry, Barry will find a way to f**k it up. 8.7% by October.


10 posted on 04/26/2012 6:36:03 PM PDT by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: Steelfish
This ought to be treated as an in kind campaign contribution and covered by the campaign finance laws. The official unemployment rate will be reported as whatever figure Obama thinks he needs to be reelected. The Ministry of Truth will issue the final reports.
11 posted on 04/26/2012 6:46:00 PM PDT by Truth29
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To: Steelfish

For my future- unexpectedly files


12 posted on 04/26/2012 6:52:00 PM PDT by NoLibZone (I'm with Sarah Palin and Dick Cheney - Anybody but Obama, because I trust their judgment.)
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To: El Gato
What the Hell is the matter with you?! Obummer just said a few months ago that he was told that if you where an engineer it was all rainbows and skittles! They can write their own checks, they can ask for the moon. HE WAS TOLD THAT BY PEOPLE WHO KNOWS!/ sarc/

I have been a stay at home dad by default since Obummer was elected. I feel your pain. Thank God for a wife with a job and a refinanced mortgage,. Coupled with the fact that I am the cheapest man alive and always saved lots of money. Just wish I had saved even more.

13 posted on 04/26/2012 7:15:54 PM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: Steelfish

Since when did the Fed start making predictions on the unemployment rate? It’s another Obama ploy.


14 posted on 04/26/2012 7:16:22 PM PDT by Brilliant
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To: Steelfish

They’ll manufacture any numbers necessary to get Ubama reelected.


15 posted on 04/26/2012 7:19:08 PM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: Steelfish

so, to get there, that’s what, another 2 million drop out of the work force ?


16 posted on 04/26/2012 7:33:36 PM PDT by stylin19a
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To: Steelfish
Lies, and more lies. In other words complete bullchit.

As in their declaring there is no inflation after eliminating the price of gas, food, heating and any other item needed to exist from their calculations...

17 posted on 04/26/2012 7:39:13 PM PDT by JDoutrider (Impeach! Incarcerate! Deport!)
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To: JDoutrider
As in their declaring there is no inflation after eliminating the price of gas, food, heating and any other item needed to exist from their calculations...

Not much else they can eliminate, is there? Pretty soon its going to be, "The government today said that the inflation rate was zero, based on a survey of prices for, well, nothing."

18 posted on 04/26/2012 7:46:10 PM PDT by chimera
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To: beethovenfan; Steelfish

No, BHO will make sure his subordinates announce that unemployment is lower at the end of Oct 2012 that it was when he took office. The numbers will be a total lie, honest economists will know it is a lie, but the MSM will praise BHO to the limit for ending the worst unemployment since the great depression!

How to do it, merely erase the millions who stopped looking for jobs or are working parttime from the employment calculation. The fewer people you count as not working, the lower the unemployment percentage is.


19 posted on 04/26/2012 7:53:45 PM PDT by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: Jim from C-Town

Well, in my case, the house is really a second house, necessitated by my layoff under President “BJ”, and subsequent move first to San Antonio, doing real engineering, and then to central Texas in support of the Army. We’d bought a house in San Antonio just 8 or 9 months before I was involuntarily transferred. Kept that as a rental for a year or so, but that was a money losing proposition. Bought the current 2nd house in Cen Tex.

But 6 years of supporting the Army has left what skills I do have, very rusty.

What’s the matter with me? Well, I’m old, and all my experience is with military systems, and I work at the system level, so much of the knowledge and skills are not transferable, and civilian market companies don’t understand that some are transferable.

Luckily, like you, I have a wife with a good job, (and tenure) although making less than I did. I’ll be moving back with her shortly. Which, after 13+ years living mostly apart, could be “interesting”.


20 posted on 04/26/2012 8:04:08 PM PDT by El Gato ("The second amendment is the reset button of the US constitution"-Doug McKay)
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To: Truth29

The unemployment rate will be 2.78 next November. I will not tell you where I obtained that figure except that it is an exceedingly dark place where the sun never shines. The Federal Reserve used the same technique.


21 posted on 04/26/2012 8:26:06 PM PDT by Vehmgericht
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To: El Gato

Well, good luck! We could all use some.

The honest truth is that you could get hired doing SOMETHING if there was any life in this economy. There is not.


22 posted on 04/26/2012 8:30:46 PM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: Steelfish

Well, the Fed has put the word out. Now the Bureau of Lying Statistics (BLS) has a few months to generate dubious statistics to back up the projection. Didn’t see this coming in an election year didya?


23 posted on 04/26/2012 8:39:34 PM PDT by RetiredTexasVet (There's a pill for just about everything ... except stupid!)
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To: Steelfish

What do you think? 2.5% unemployment on October 26?
That should be good for a few million more votes.


24 posted on 04/26/2012 9:18:07 PM PDT by Tupelo ( 2012 TEA PARTYER but no longer a Republican)
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To: El Gato

You should get a job in South Texas on the Eagle Shale fracking oil/gas industry.
Top job is a wireline operator ...six figures and up.
Me ...I just got a CDL A licence (at ago 70) and was hired within in 2 days to drive big rigs...will be heading for the fracking fields whan I have about 6 months truck driving experience under my belt....(each fracked well needs about a million gallons of water to start it up)...that’s a lot of tankers.


25 posted on 04/26/2012 9:56:23 PM PDT by spokeshave (If Obama is Lenin....who is Trotsky and Stalin...?)
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To: El Gato

You should get a job in South Texas on the Eagle Shale fracking oil/gas industry.
Top job is a wireline operator ...six figures and up.
Me ...I just got a CDL A licence (at age 70) and was hired within 2 days to drive big rigs...will be heading for the fracking fields whan I have about 6 months truck driving experience under my belt....(each fracked well needs about a million gallons of water to start it up)...that’s a lot of tankers.


26 posted on 04/26/2012 9:57:54 PM PDT by spokeshave (If Obama is Lenin....who is Trotsky and Stalin...?)
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To: EQAndyBuzz
Maybe they should have done this a day after finding out jobless claims are up and housing prices are down.

Doesn't matter any more - they've inured the public to reality via the comical (but sinister) "unexpected rise in unemployment type statemens and the next months 'adjustmnets". They can say whatever they want, and then "adjust" it to 12% after the election and nobody will think twice. That and they will probably use "projected" hires for the Christmas season and pad the nimbers while adding them to the work force (on paper). Hell they might have it down to 4% if they really work hard with the numbers - then we'll have about 12 million folks thinking they are the only schlubbs who can't find a job in the booming economy.

27 posted on 04/27/2012 3:30:18 AM PDT by trebb ("If a man will not work, he should not eat" From 2 Thes 3)
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To: Steelfish
It seems like one of these stories comes out every month since the start or 2012, followed a few weeks later on page 32 with a blurb saying, "The dept of labor has revised unemployment figures up from last month's report......."

Cheerleading for the regime much???

28 posted on 04/27/2012 3:50:26 AM PDT by YankeeReb
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To: spokeshave
(each fracked well needs about a million gallons of water to start it up)...that’s a lot of tankers.

Hey!! Just a cotton pickin' minute!!! We all know that fracking, oil drilling , coal mining produce ZERO new jobs!!! All the new jobs are created by startups like Solyndra or by state governments as fire fighters & teachers. The Ministry of Government Statistics told me so!!!

I think you're making it up ; p

29 posted on 04/27/2012 3:58:57 AM PDT by YankeeReb
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