Strongly positive projections for employment in new year — end of the "jobless recovery"?
Yahoo News (AP) reports: “Economists Predict Drop in Unemployment.”
This is a brief summary of an in-depth piece in today’s Wall Street Journal:
The 54 economists surveyed for the Journal’s 2004 economic-forecast report said they thought the unemployment rate could fall to 5.5 percent by November.
Hiring fueled by increasing corporate profits and economic growth could lead to as many as 1.5 million new jobs, the Journal said. . . .
Real gross product was expected to grow at an annual rate of 4.5 percent in the first quarter, 4.3 percent in the second quarter and 4 percent in the second half of the year, the economists said.
Half of the respondents said they thought the Dow Jones Industrial Average could exceed 11000 by year end, and 93 percent said they had increased the amount they had personally invested in the stock market in the past year.
Prediction: Now the Democrats will focus on the “quality” of the new jobs being inferior to that of the jobs lost (possibly with some justification).
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