Officials: unemployment rates to remain high

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The Los Angeles Times is reporting that Top Federal Reserve officials said they expect unemployment rates to remain higher than normal for years to come.

The unemployment rate will be in the 6.8 to 7.5 percent range at the end of 2012, according to forecasts of 17 top Fed officials, down from its 10.2 percent rate in October but still far above the 5 percent or so level typically seen in a healthy economy. Most of the Fed leaders “anticipated that about five or six years would be needed for the economy to converge fully to a longer run path” with sustainable growth and thriving labor market.

To read the rest of the article, click here.

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Written by Melanie Hicken

November 24, 2009 at 5:01 pm

Posted in L.A. Times

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