A survey conducted by the Philadelphia Federal Reserve
involving 45 economic forecasters estimated that with current trends,
unemployment is likely to drop to 8.1% by the fourth quarter. This poll shows an upward trend in the forecasting of
economic prospects. A similar poll conducted in November projected unemployment
averaging 8.7% in the fourth quarter. This optimism about the future of the nation’s
economy is not necessarily unfounded. As of January the employment rate
declined to 8.3%, a major improvement from November’s unemployment rate of 8.7%.
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