Maybe the government needs to work on this. If they told the economy that they weren't expecting it to grow at all, and it grew 2.4%, they could say, "see, look how good the economy is!" And then they could pat the economy on the head like a happy dog.
It's like telling your kids to get an A. If you tell your kids you'll settle for a C and they bring home a B, it's a home run! So don't tell them to get an A unless you're ready for a lifetime of disappointments.
I'm so tired of explaining this. I wish they would leave me alone. Once the ice melts it's all over anyway. All these reports are a waste of time.
Federal Reserve officials have become more pessimistic in their economic outlook through next year and have lowered their forecast for growth.
The economy will grow only 2.4 percent to 2.5 percent this year, Fed officials said Tuesday in an updated forecast. That's down sharply from a previous projection of 3 percent to 3.5 percent. Next year, the economy will expand by 3 percent to 3.6 percent, the Fed said, also much lower than its June forecast.
Fed officials project that unemployment won't change much this year, averaging between 9.5 percent and 9.7 percent. The current unemployment rate is 9.6 percent. Progress in reducing unemployment has been "disappointingly slow," the central bank said, according to the minutes of its Nov. 2-3 meeting.
[AP via Yahoo! News]