Fed Revises View on U.S. Economy
Elyse Andrews, Cabot Headline News
November 25, 2009
The Federal
Reserve lifted its view of the U.S. economy and upgraded its GDP predictions,
according to Investor’s Business Daily.
The Fed said
that this year’s contraction won’t be as steep as predicted and that growth
next year may be better than anticipated, IBD reported.
But the Fed did
say that high unemployment during the next few years would likely make the
recovery from the recession sluggish according to IBD.
The Fed now sees
the U.S. economy shrinking 0.1% to 0.4% this year versus its June forecast for
a 1% to 1.5% contraction. IBD reported that for 2010, the Fed sees growth of
2.5% to 3.5% versus its earlier prediction of 2.1% to 3.3%. ---
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