7% Unemployment? The Fed Says YES! (But not until 2013)
- Posted on February 17, 2011 at 6:16pm by
Mike Opelka
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The weekly jobs data shows a larger than expected increase in new filings for unemployment. CNBC reports;
Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 410,000, the Labor Department said, partially reversing the prior weeks hefty decline.
Economists polled by Reuters had forecast claims rising to 400,000. The previous weeks figure was revised slightly up to 385,000, from the previously reported 383,000.
This data, plus Fed Chairman Bernake’s Feb. 3rd statements about the long-term employment outlook are diminishing any hopes for solidifying the recovery and getting unemployment below 7% until sometime in 2013.
“Following the loss of about 8-1/2 million jobs in 2008 and 2009, private-sector employment showed gains in 2010. However, these gains were barely sufficient to accommodate the inflow of recent graduates and other new entrants to the labor force and, therefore, not enough to significantly reduce the overall unemployment rate. Recent data do provide some grounds for optimism on the employment front; for example, initial claims for unemployment insurance have generally been trending down, and indicators of job openings and firms’ hiring plans have improved. Even so, with output growth likely to be moderate for awhile and with employers reportedly still reluctant to add to their payrolls, it will be several years before the unemployment rate has returned to a more normal level. Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established.”
There are reports of positive economic indicators in parts of the economy;
Fed officials said in an updated forecast released Wednesday that they think the economy will grow between 3.4 percent and 3.9 percent this year. That’s an upward revision from their November forecast, which predicted gross domestic product will grow 3 percent to 3.6 percent.
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Comments (89)
dawg of gawd
Posted on February 17, 2011 at 7:44pmI thought the elections in November were going to fix the unemployment situation. What are conservatives doing to fix that situation? I mean other than wanting to fire hundreds of thousands more workers. Anyone?
Report Post »Lion420
Posted on February 17, 2011 at 7:40pmWithout the ability to create jobs….how do they expect anyone to believe this? Until we rebuild our manufacturing base, we’ve NO chance of achieving anything close.
Report Post »GeoMaxIII
Posted on February 17, 2011 at 7:38pmIf they really cared they would be hopeful that it would be sooner than that and they would be doing everything in their power to fix things as soon as possible. Instead ahhhh we’ll get it a couple years down the road. And as a matter of fact let’s wait until he gets elected again and then not do anything. What a wonderful plan.
Report Post »charliego
Posted on February 17, 2011 at 7:33pmtongue in cheek remark coming up 8-/ I think the headline banner was a misprint; I think it meant to say: ‘ 7% EMPLOYMENT RATE, the Feds say ‘yes’, but not until 2013′.
Report Post »Okay,okay, just being silly tonoc which after today’s news is probably understandable.
BoilitDown
Posted on February 17, 2011 at 7:30pmAre we to believe that the government will actually get out of the way so that employers can prosper enough to begin hiring? It‘s such a polar opposite to current policies that I can’t believe this for a second. It’s just another big government fantasy that will disappoint more people and create a more angry population. These pie in the sky promises are a good deal of what has brought us to where we are now, but the politicians can’t seem to understand that.
I’ll keep living in the world of reality, thank you.
Or…are they going to bring in Chris Angel to magically create jobs.
Report Post »dk_isme
Posted on February 17, 2011 at 7:28pm7% in 2013? Of course! By then, all of the 99′s will be totally out of benefits, and be walking the streets with no government handouts or job options. So the government will continue to misrepresent the unemployment numbers to show only new claims, but the true unemployment percentage will more likely be akin to 25-30% by then.
Report Post »DUMBASPELOSI
Posted on February 17, 2011 at 7:25pmName one time a “long range” projection from the feds has been close to accurate . . . . ????
Nothing these folks says means anything to me.
I don”t believe any of it.
Report Post »wodiej
Posted on February 17, 2011 at 7:21pm7% is not even that good and not for 2 years. What a joke.
Report Post »DashRipRock
Posted on February 17, 2011 at 7:14pmWhere have I heard all this
end of the world blame the FED crap before??
oh yeah from this nut bag in 1979!!!!!!!
http://www.youtube.com/watch?v=NpnoMxHIscg&feature=related
Report Post »DashRipRock
Posted on February 17, 2011 at 7:22pmAnd Please keep in mind
THIS IS THE MAN
RON PAUL GETS HIS INFO FROM
Report Post »Devil Dog 7175
Posted on February 17, 2011 at 7:12pmGreat! And after we get rid of Obozo and the rest of his know nothing ilk, it will be 3.5%!
Report Post »ProudInfidel
Posted on February 17, 2011 at 7:10pmIt seems these buffoons have not figured out the impact of exorbitant gas prices.
Report Post »Bill Wallace
Posted on February 17, 2011 at 7:04pmI have no doubt it will be 7% in 2013. By that time, Obama will have lost his rebid to a 2nd term, a republican president and house will severely limit the hands of some of the agencies, oil drilling will move forward to help with the energy crisis, and as a result, 7% unemployment rate 3 months after the inauguration.
That will be followed by a 6% and a 5% each of the following years.
Report Post »commonsenseguy
Posted on February 17, 2011 at 7:13pmyou are a glass half full guy!!! i hope we are right,but we must throw out the republicans that have help put us in this mess. so we must find the people who believe in the values and freedoms that we do, not a bunch of the same o same o rhinos !!!!! so either way that glass is either going to fill up or it will go dry, i pray it will over flow!!!
Report Post »RightPolitically
Posted on February 17, 2011 at 7:04pmLet’s see, Obama said if we didn’t do all the stimulus, etc. etc, the unemployment rate would hit 8%. CASE CLOSED!
Report Post »commonsenseguy
Posted on February 17, 2011 at 7:00pmmy but!!!!! with the unions causing ciaos and obama backing them and the dermocraps running and hiding from the voters.7% may be a great number to see. 2013 just in time for the soros “‘new world order” being in charge and the democraps and the anti american union leaders to take over all freedoms we now have. unless we the people stand up and make our voices loud enough to shake the walls of the senate .please people freedom dose not come easy,get out and wake people up before it is to late.
Report Post »DashRipRock
Posted on February 17, 2011 at 7:00pmMay God save the world
from STUPIDITY
Report Post »abc
Posted on February 17, 2011 at 6:46pmComments on the unemployment rate are correct. Back in the 80′s, it was the liberals that pointed out how Reagan was talking up an economy that still had tons of hidden unemployment. They used to get really mad when he waxed pollyannish about the economy despite the fact that many were hurting. Now the shoe is on the other foot, and it’s Republicans that are scoring political points doing the same thing. The rules for this counting haven’t changed since Reagan, so it’s very amusing to watch each side be so blind or otherwise, based on their political and partisan stripes.
The reality is that unemployment is a lagging indicator and one that doesn‘t include anyone who hasn’t found a job by the time their benefits have run out and/or has stopped trying to find a job. The other key thing to realize is that we just went through the worst recession in 70 years, so you have to compare it to past Great Depressions or Great Recessions to get a sense of how long it takes for a recovery to take hold. For the magnitude of crisis experienced, the average time of recovery to pre-crisis employment takes 7 years or more, so my guess is that you don’t get back to 5-6% rates until 2015. This is NOT because Obama or even Bush screwed things up going into or out of the worst of the crisis. Rather, there are limits to what you can expect by way of recovery time.
But it is still amusing watching people with zero economics background try to claim that but for Obama we’d already be seeing robust job growth. This is total nonsense. The Keynsian stimulus and massive expansion of the Fed’s balance sheet prevented a crisis equal to the Great Depression itself, so instead of a 12 year recovery we’re only looking at 7 years, but the rest of the allegations (need to cut taxes further, need to fire 20% of federal workers, etc.) are just complete nonsense from an econonomics viewpoint. Only partisan laypeople pretending to be economists (e.g., Steve Moore at Club for Growth and the WSJ, Larry Kudlow on CNBC, et. al.) make such terrible arguments, since they are striving for ratings and hoping to retake the Senate and WH. But one shouldn’t be fooled by this. A crisis of this magnitude requires more than two years to come back from.
Report Post »shorthanded12
Posted on February 17, 2011 at 6:45pmAny numbers coming from the Feds is rigged. Bernie Madoff needs some new company and I can name a few who could join him.
Report Post »PITMASTER
Posted on February 17, 2011 at 6:44pmREAL unemployment is over 17%. Does anyone think this Administration could lower the jobless numbers? There have been very few jobs created in the private sector under this good-for-nothing president. For three years we’ve recovered nothing. Unemployment is still sky-high as are foreclosures and there is ZERO indicators to show any improvement in anything, except government jobs. IT’S THE ECONOMY, STUPID.
Report Post »Diane TX
Posted on February 17, 2011 at 6:44pmHey? Wasn’t the stimulus supposed to keep unemployment under 8% in the first place?
On the other hand, maybe there will be a 7% unemployment rate in 2013 … BECAUSE the People of the USA wisely elected a Republican President.
Report Post »Eblaze44
Posted on February 17, 2011 at 6:42pmYep, 2013, right after Obama is thrown out of office and someone with some leadership ability get‘s the government out of private business way and let’s the private sector roll out the economy that’s being suppressed by over regulation and taxation.
Report Post »Jimmy the Greek
Posted on March 3, 2011 at 7:07pmWill the people actually throw Obama out? Do you think Sara Palin or Newt Gingrich are necessarily “slam dunks” in 2012? I sure do not assume so. Only if things get real bad from here is Obama a bad bet. Never over estimate the American voter.
Report Post »jphillips
Posted on February 17, 2011 at 6:41pmCause it sure isn’t going to happen as long as this Prez & his administration is in office!
Report Post »duane38637
Posted on February 17, 2011 at 6:41pmI dont believe a thing these Dems say I know they lie! But i will assure you the data that comes out before the Nov 2 2012 election will be wonderful (cooking the books) These thugs put votes before country and state dont believe it look at Wisconsin.
Report Post »etetetet
Posted on February 17, 2011 at 6:37pmSame Fed who guaranteed the Stimulus package would take unemployment down to 8% by end of 2008, early 2009 – yeah right
Report Post »DisillusionedDaily
Posted on February 17, 2011 at 8:50pmThis is from the same government that says inflation is a mere 1.5%, right?
Report Post »Whostolemypig
Posted on February 17, 2011 at 6:37pmThey can play with the numbers all they want. The fact remains that if the figures were calculated the same way they were during the great depression, we would be hitting on that level today.
2013? No, 2014! It will take 2 years to recover once we get this job killing SOB out of the White House.
Report Post »Creestof
Posted on February 17, 2011 at 6:57pmMaybe they are adding “starvation” and “suicide” into the equation?
Report Post »Islesfordian
Posted on February 17, 2011 at 7:07pmDon’t forget war. And pestilence.
Report Post »CatB
Posted on February 17, 2011 at 10:24pmObamacare death panels.
Report Post »HillBillySam1
Posted on February 18, 2011 at 1:08am2013…..using their mathmetic techniques, I declare that I will be 50 pounds lighter and have long, flowing locks of hair on top of my head……..Hey, the numbers don’t lie people!!!! I don’t care what you people say!!!…..it’s gonna happen……you just wait and see……!!
Report Post »grandmaof5
Posted on February 17, 2011 at 6:18pmI wouldn‘t hold my breath and I certainly wouldn’t believe anything the Fed had to say. Call me crazy but next week they will probably change that figure upward.
Report Post »Non-sequitur
Posted on February 17, 2011 at 6:24pmThe unemployment figures are a weird animal anyway. 7% unemployment actually means that 7% receive unemployment benefits. This number does not include the people who are unemployed but not receiving benefits (by choice or because they have run out). The actual figure is typically higher, in this day I‘d say it’s substantially higher.
Report Post »Sinista Mace
Posted on February 17, 2011 at 6:24pmThe Federal Reserve Act is unconstitutional.
Report Post »Quagaar Warrior
Posted on February 17, 2011 at 6:26pm~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Report Post »Attention all Democrats: Are you aware that the word, “Gullible”, cannot be found in any dictionary?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
cheezwhiz
Posted on February 17, 2011 at 6:26pmIn 2013, the parameters to determine “unemployment” will have changed.
Report Post »In 2013 , “unemployment” will mean the ” %age of people between the ages of 70 to 90 , who do not work “
mcfinch
Posted on February 17, 2011 at 6:29pmI don’t believe this either…
http://politicalbowl.com – Political Video Website
Report Post »Cemoto78
Posted on February 17, 2011 at 6:31pmreal 18%-23%
Report Post »solaveritas
Posted on February 17, 2011 at 6:33pm“We will not monetize the debt”.
“Unemployment will go below 7% in 2013″.
“The check is in the mail.”
YOU believe the Fed. I’m not.
Report Post »docgreen
Posted on February 17, 2011 at 6:35pmWith the BHO admin, I say they can get it down to 5%! But then again, I wouldn’t believe anything the BHO admin says at all! The only thing I would trust is him saying hes the 12th Imam, he’s Satan, or hes the Antichrist! Probably all three at the same time! Please keep in mind what the Bible says about the Anitchrist receiving a mortal head wound! In case you have not read this before, he’s the head of state! We Elect a new head every 3 2/3 years, is this what the Bible refers to? Obama will not get re-elected in 2012? I think with Obama’s ties to the muslim world, we can allready see he doesn’t look out for Christians, he’s more of a muslim apologist! I could see him persuading the Jews by promising a New 3rd Temple on the Temple Mount in return for half of Jeruselam and a piece agreement with Israel! Hmmmmm! Just thinking!
Report Post »DashRipRock
Posted on February 17, 2011 at 6:38pmPublic Edu-ma-cation
HAS DOOMED CAPITALISM
RIP free markets
Report Post »mtnclimberjim
Posted on February 17, 2011 at 6:41pmThey are liars, they have lied, they will continue to lie. They are traitors to my Country along with anyone who supports the unions. Unemployment is at 16%. That’s just the facts.
Report Post »cheezwhiz
Posted on February 17, 2011 at 6:47pmThe demonbrats of WI have been chased out by TEA Partiers !
Report Post »http://gatewaypundit.rightnetwork.com/2011/02/breaking-wisconsin-dems-hiding-at-best-western-clocktower-in-rockford-il/
DagneyT
Posted on February 17, 2011 at 6:47pmSo what you’re saying, sister-grannie, is that nothing coming out of DC is to be believed? I 2nd that emotion!
Report Post »rodamaa
Posted on February 17, 2011 at 6:47pmDon’t buy that garbage! These are the same who said you have to pass this bill and we will keep unemployment under 8%
Report Post »GeorgieJo
Posted on February 17, 2011 at 6:50pmAnd GITMO is closing next week………….
Report Post »Who belives the FED?
DashRipRock
Posted on February 17, 2011 at 6:57pmThere goes SINISTA MACE
posting CRAP
from a 911 TRUTHER SITE AGAIN
Report Post »jhaydeng
Posted on February 17, 2011 at 7:04pmInflated unrealistic BS!!!! Ask your neighbors if they have found a job yet!!!
Report Post »Showtime
Posted on February 17, 2011 at 7:15pmLet’s see–isn’t that when Obama goes out of office?
Meanwhile, he’s added 230,000 federal government jobs, blown stimulus money for a bridge project which is now complete and put construction workers out of work, and the economy is getting worse and worse.
Yes! Get Obama out of the White House, and America might recover with him out of the way of progress.
Report Post »Showtime
Posted on February 17, 2011 at 7:17pm@Sinista Mace ~
If we wanted to read anything Prison Planet has to offer, we would go there. Suggestion: YOU read it.
Report Post »HappyStretchedThin
Posted on February 17, 2011 at 7:29pmAmen Grandma,
Report Post »Besides, my crystal ball is contradicting their crystal ball.
Not sure how else they think they can know what the economy’s going to do in the next few years, and my way’s probably more accurate anyway.
TIME4CHOOSING
Posted on February 17, 2011 at 7:32pmOUCH!
Sorry,I just finished reading this, then monkeys started flying out of my A$$.
Report Post »Snowleopard {gallery of cat folks}
Posted on February 17, 2011 at 7:33pmSo we are to believe the Fed’s when they say 7% unemployment in 2013?
Let us see some other promises…
Stimulus fund…promise of unemployment not soaring above 8%…it failed.
We will create jobs…failed.
Will not raise taxes…failed, we gained Obama care.
Cut taxes…failed, no new cuts, just affirmed old tax cuts from bush era.
And too many other cases to count beyond these.
So should we believe them? No.
Report Post »CatB
Posted on February 17, 2011 at 7:36pmHow about they start reporting the REAL numbers … along with the REAL INFLATION!
Report Post »Snowleopard {gallery of cat folks}
Posted on February 17, 2011 at 7:37pm@Grandmaof5
Evening, I will never trust the Fed’s at all, even a pack of rabid javalinas and frenzied jaguars with major cases of cat scratch fever infected claws would be more trustworthy than they are. Even a lake full of those four legged suitcases with tails called gators and surrounded by pirranahs would be of easier dealing than those crooks in DC, and espeically in the administration.
Hope all is well for you, take care of the kitties, it is hotter than all out here right now.
Report Post »Xcori8r
Posted on February 17, 2011 at 7:42pmIt’s probably only because they are planning to hire 2 million more IRS examiners.
Report Post »Sgt.Crust
Posted on February 17, 2011 at 8:00pmThat is if the real unemployment rate was 9%….but it is not, it really is 22%, so by 2013, it will be 20%….ah the truth shall set you free!
Report Post »jbl8199
Posted on February 17, 2011 at 8:25pmThat’s bull crap. I just found an article I think everyone should read. It sure made my eyes bleed.
http://news.yahoo.com/s/yblog_thelookout/20110217/ts_yblog_thelookout/help-wanted-jobless-need-not-apply
Report Post »what4
Posted on February 17, 2011 at 8:51pmDream on……White House is full of loosers!
Report Post »Sinista Mace
Posted on February 17, 2011 at 10:07pmIf you don’t want to follow the link, don’t follow it.
No skin off my nose.
You’re not going to shut me up, I know that much.
Report Post »Quagaar Warrior
Posted on February 17, 2011 at 11:23pm~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Hey Sinista Mace, I think you need to pass the bong along to your Democrat buddies. They’re tired of you smoking all the crack-laced pot without you sharing it with them!
Sounds to me you’re still suffering from a 2010 election day hangover. I hope you’re ready for the 2012 elections. Your hangover is going to be doubled.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Sinista Mace
Posted on February 18, 2011 at 12:11amThe Federal Open Market Committee is an oxymoron.
There is supposed to be a free market, not an “open” market.
The Federal Reserve interferes with the “free market” by manipulating the money supply through it’s “open market” committee.
I don’t think CashCryptBlock has any understanding whatsoever where dollar bills originate.
Report Post »Sinista Mace
Posted on February 18, 2011 at 12:13amAnything calling themselves “Quagaar Warrior” should really not throw bricks in glass houses, especially not in reference to smoking crack.
Report Post »Sinista Mace
Posted on February 18, 2011 at 12:21amIf you’re going to namecall, “Quagmire Worrier”, at least get it right.
I’m a registered Independent.
Ron Paul 2012
Report Post »Jimmy the Greek
Posted on March 3, 2011 at 7:03pmOf course people change their story all the time, especially if pressed-to-the-wall. If a witness did that in court under oath, he would likely be impeached! If you are the boss, then you can say anything you want or lie if necessary inorder to be renominated later. What can Congress or the voters do about it? Nothing.
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