The Fed believes it is possible to plug the hole of a sinking Titanic. One word- MORON! Now, Washington is trying to insult the intelligence of the American people. Washington and the MSM can lie and put spin all they want, but November, the American people will answer back! I cant wait till the end of the year to see the actual unemployment rate. It will not be 7.8%.
(Bloomberg) Federal Reserve Bank of St. Louis President James Bullard said an improving U.S. economy may push the unemployment rate down to 7.8 percent by year’s end, and the central bank will probably keep policy unchanged while it waits for more evidence of expansion.
“For right now we’ll stick with the idea that the economy will generally be better in 2012 than 2011,” Bullard said on Bloomberg Radio’s “The Hays Advantage” with Kathleen Hays today. “So far in 2012 the economy has surprised on the upside” and usually when that happens Fed policy makers “will want to get confirmation of that by waiting for more data.”
U.S. job growth slowed in March even as the manufacturing and services sectors continued to signal growth, underscoring the mixed signals policy makers are parsing as they track the recovery’s progress. Fed officials last month said they would favor renewed easing only if growth falters or inflation falls below the 2 percent target, minutes of the meeting showed.
“Unemployment will continue to tick down this year as long as the expansion keeps going,” Bullard, 51, said in the interview in St. Louis.
In positive signs for the economy, both manufacturing and services continued to rebound in March, according to the Institute for Supply Management’s indexes of the two sectors released last week. Still, U.S. employers added 120,000 jobs in March, compared with 240,000 in February, according to Labor Department figures released April 6.