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The Fed’s “central tendency” for the U.S. gross domestic product now ranges from 1.9% to 2.4% this year, compared with the 2.4% to 2.9% gain predicted in April. Growth is seen between 2.2% and 2.8% in 2013, from the April view of 2.7% to 3.1%. U.S. GDP growth is seen between 3.0% to 3.5% in 2014.
The Fed’s outlook on hiring was also gloomier. It now sees the unemployment rate this year as coming in between 8.0% to 8.2%, from April’s projection of 7.8% to 8.0%. Next year the Fed sees the unemployment rate coming in between 7.5% to 8.0%, versus April’s projection of 7.3% to 7.7%. The Fed’s 2014 unemployment forecast is 7.0% to 7.7%.
And, as WSJ reported on June 21:
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The Dow ... quickly turned red after Mid-Atlantic manufacturers said that business conditions deteriorated sharply this month, according to the Federal Reserve Bank of Philadelphia. ... "What we're seeing is the job market slowing to a crawl," said Saira Malik, head of global equity research for TIAA-CREF in San Francisco.
Yes, under President Obama's stewardship the private sector is doing just fine.
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