Except the NYT headline said the opposite: "President of San Francisco Fed Sees Slow Recovery, Especially in Jobs." According to the article, Janet Yellen, the President of the San Francisco Federal Reserve Bank, expects that the unemployment rate will fall to around 8.0 percent by the end of 2011. By contrast, both the Obama administration and the Congressional Budget Office project that the unemployment rate will average above 8.0 percent for 2012. In other words, Yellen is forecasting a somewhat brighter unemployment picture than is being used for budget analysis and other purposes.
It is important that the public be made aware of how bleak the official projections for unemployment are. There can be no understanding of the importance of the case for additional job creation measures without a knowledge of the projected severity of the problem.
If you enjoyed this article, please consider making a tax-deductible donation today. For over 30 years, The American Prospect has delivered independent reporting that exposes corporate power, investigates political corruption, and analyzes threats to our democracy. Unlike many media outlets, we’re not owned by billionaires or corporations—we’re powered by readers like you.
Today’s independent journalism faces unprecedented challenges. Your support makes our reporting possible and keeps our work free and accessible to all. Whether it’s $5 or $50, every contribution helps sustain our nonprofit newsroom.
Join our community of supporters and make a donation today to help keep independent journalism thriving.
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
