The Bush administration's top economists see annual unemployment remaining just below 5% through 2013, meaning an extended period when the jobless rate would top the full-year average in six of the last 10 years.
The annual outlook of the president's Council of Economic Advisors, released Monday, also projects that the economy will keep growing this year and avoid a recession. In fact, real gross domestic product is forecast to rise by a healthy 2.7% when comparing the fourth quarter of this year to a year earlier.
But the report projects the full-year unemployment rate will rise to 4.9% in 2007, up from 4.6% each of the last two years. And it expects the unemployment rate will stay at the 4.9% rate in 2009 before starting to retreating slightly to 4.8% in each of the following four years.
This article addresses the projected economy for the United States. According to the article, unemployment is projected to remain under 5% until 2013. Also according to Edward Lazear, there have been policies and legislations implemented that will hopefully keep the economy on the projected forecast. The Council of Economic Advisors sees soft job growth for the next six years. President Bush supports and has shown excitement about the new legislation that will give most taxpayers hundreds of dolalrs in tax rebates. Bush also asserted that the economy is sound for the long run, but there are uncertainties for the short run. This assertion shows that the government has made decisions to boost the economy in the long run, but now they must take action that will impact the economy in the short run as well.
GRADE THIS POST
No comments:
Post a Comment