A Grim Picture of Our Economic Future, study shows
Even as the economy shows signs of modest improvement, a new report projects that the job market could take years to recover from the beating it’s taken during the recession.
An assessment by an economist and a researcher at the Federal Reserve Bank in Kansas City paints a grim picture of the country’s economic future.
Instead of surging back, the authors predict the job market will merely limp along for years to come.
According to their forecast, the unemployment rate will be at 10 percent through 2011. Three years after that, the jobless rate will have dropped only to 8 percent. And a decade from now, that rate will still be floating above 6 percent.