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Wednesday, November 24, 2010

The Federal Reserve System change their predictions of 2011 economy situation

Guest Post By Eden Dukeman

If you were expecting an enormous job growth for 2011, the Federal Reserve System has again changed their exceptions of the nation's economy forecast for the following year.

The Reserve revised their expectations of the nation's economy. Instead of sticking to the June prediction of 3% to 3.6% economy growth for 2011, the figures changed to 3.5% to 4.2% in the November Federal Open Market Committee meeting.

Job growth estimations were not the only predictions adjusted. The Reserve’s predictions changed for the unemployment rate ranging from 8.3% to 8.7%. They raised the rates to 8.9% to 9.1%. If you take a closer look at the nation’s unemployment rate for October, you will find the rate fell at 9.6%.

This announcement came after 41 states showed improvement for jobs offered in October, the Labor Department reported Nov. 23. Michigan, one of the hardest hit states by the recession, saw 19,000 jobs added. Even though more jobs were added, states’ unemployment rates remained high, the Labor Department reported. The hardest hit states - Michigan and Nevada - finally see some relief with unemployment rates lowering. Michigan's unemployment dropped from 13% to 12.8% in October. Nevada also saw a two-point drop from 14.2% to 14%.

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