The US Federal Reserve believes that the recession will end “before long”, but predicts that unemployment will remain at high levels for several years to come.
The federal open market committee raised its forecasts for unemployment, according to minutes from their last meeting three weeks ago, and now expects it to reach between 9.8 and 10.1 per cent in the last quarter of this year. It envisages it will remain at about 9.6 per cent next year and 8.6 per cent in 2011.
“Labour market conditions were of particular concern to meeting participants,” the minutes said, adding that “most participants anticipated that the employment situation was likely to be downbeat for some time”.
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