US Fed slashes growth forecasts {and hikes unemployment} (BBC)

[eppur_se_muova]

The US Federal Reserve has slashed its growth forecast for the US economy and raised its forecast for unemployment.

The Fed cut its growth forecast for this year by half a percent to a new range of between 1.3% and 2%.

The US central bank also said the jobless rate could be as high as 5.3% by the end of the year.

The gloomy outlook was blamed on falling house prices, reduced bank lending, turmoil in the financial markets and higher oil prices.

Rising inflation

The report was released with minutes of interest rate meetings held at the US Federal Reserve last month.
***
more: http://news.bbc.co.uk/2/hi/business/7254969.stm

Remember, that's only the *official* unemployment rate!

[leftofthedial]

1. official 5.3% = real 15% or so

[eppur_se_muova]

2. Bingo. nt

[nadinbrzezinski]

3. Some areas 20 to 25%

but hey, the good times are here again :sarcasm:

Why we should all eat the Republican bullshit

There are days I wonder about folks who vote for these thieves