Positive economic forecasts have job growth in the picture soon
Yahoo! News reports: “Top economists ramp up US growth forecasts.”
“The economy is set to expand at a 2.6 percent pace in 2003 and 4.0 percent in 2004, according to a panel of 35 economists in the National Association for Business Economics (NABE).”
“The NABE analysts predicted jobs growth ahead. About two-thirds of NABE panelists expected businesses to boost job numbers by at least 100,000 in a single month some time before the end of 2003. Ninety-five percent said this would happen within six months.”
“The unemployment rate was forecast to fall from 6.1 percent in August to 5.8 percent by the end of 2004.”
“While higher employment will help reduce joblessness, civilian labor force growth implied by the forecast also will speed up, dampening the improvement in the unemployment rate . . ..” This is a typical result in a recovery period as improving conditions in the labor market entice workers currently classified as ‘discouraged’ to renew their efforts to find employment.”
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