US economy dip 'less than feared' (BBC)

[eppur_se_muova]

The US economy will sink at a slower pace than previously thought in 2009, thanks to a rebound in the second half of the year, the Federal Reserve says.

The Fed also upped its growth forecast for 2010 and 2011.

But it warned that US unemployment would rise above 10%, which is higher than its earlier forecasts.

The Fed predicts the jobless rate could get as high as 10.1%, from its old estimate of 9.6%. In June, unemployment climbed to 9.5%, a 26-year high.

The new projections were released along with minutes from its rate-setting committee.
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more: http://news.bbc.co.uk/2/hi/business/8152940.stm




Economy good, jobs bad. At least if you're part of the corporatocracy.

[county worker]

1. What if the economy rebounded and nobody noticed?

With unemployment continuing to rise who gets the benefit of a rebound. Hiring won't rebound for a long time, But I guess you have to start somewhere.

The law of intended consequences at work.

"Congress is not shocked to discover that an idealistic program has gone awry. Instead, they're eager to avoid the blame for something that they already knew they were up to. This is not a case of "unintended consequences"; it is a case of intended consequences."

http://www.realclearpolitics.com/articles/2008/05/the_law_of_intended_consequenc.html

[timeforpeace]

2. See, predict an over-the-top bad number, so anything less will be good news! This stuff is easy!

[CoffeeCat]

3. I don't get ANYTHING anymore...

This is such baloney...

OK, first off---this sounds like a fabulous, amazing good-news story about things not being
as bad as projected. However, what that first sentence is really saying--is that we'll continue
to tank--but at a much slower pace. So, we're swirling down the drain--just not as fast as previously
projected.

What I have to say to that is--what projections are you talking about? The media does this bs all of the time.
We're tanking--and they write a story about things not tanking as bad as "person X" said--so we're all supposed
to rejoice and dance in the streets.

In the meantime---the shineola is still tanking.

They're making up this nonsense...trying to hide the reality from us.

And another thing--the author(s) of this article, predict that 09 will not be as bad due to a "rebound". Oh yeah...
a rebound in 2009...how in the hell can that happen? According to this article--unemployment will peak at just
over 10 percent. We're not there yet. 2009 is more than half over. When will this rebound happen, if unemployment
is supposed to peak later this year?

I give up. I truly give up trying to decipher this nonsense and figure out what's really going on in the economy.

[notesdev]

5. Pollyanna picks a reference point

Don't you just love the reference point "than feared"?

You can make anything look good if you compare it to one's worst nightmare... next headline "nuclear winter balmier than expected"?

[ixion]

4. 10 or 20% unemployment and all's well...

yeah. right. whatever. :eyes: