Thursday, April 09, 2009

Economists Offer Latest Forecasts on GDP and Unemployment

In their most recent forecasting survey, Wall Street Journal economists predict that the recession will end in September, but they don't believe that the unemployment rate will decrease until the second half of 2010. You can find the article here.

The economists forecast that GDP will contract in the first and second quarters of 2009 by 5.0% and 1.8%, respectively, but that GDP will grow by 0.4% in the third quarter. GDP had contracted by 6.3% in the fourth quarter of 2008. But the labor outlook will take longer to recover, and one economist claims "the economy would have to grow an average of about 4% for six years to get back to the sub-5% unemployment rates seen in 2007."

Where can you conduct your own search for statistics on GDP and unemployment? GDP and other economic data are available on the website of the Bureau of Economic Analysis. For statistics on unemployment, pay, and other labor factors, see the Bureau of Labor Statistics. To find out how the Department of Labor is using American Recovery and Reinvestment Act funds to stimulate the economy through its labor programs, check out its web page on Implementing the Recovery Act.

To help you find additional resources on the economic downturn and government stimulus programs, we've created this new guide.

No comments:

Post a Comment