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Encouraging unemployment predictions for next year

Veronica C. | April 9, 2012

While the U.S. economy has experienced steady growth in recent months – particularly regarding dropping unemployment levels – there's still much work to be done. Currently, the national unemployment rate has been hovering around 8 percent, which is quite high compared to pre-2008 numbers. However, there may be a ray of sunshine pointing toward further improvements in the months ahead.

According to Bloomberg, a report released by the Federal Reserve Bank of New York suggests that at its current rate, unemployment levels could decline to nearly 6 percent nationally by the beginning of 2013.

"Simulations based on historical patterns suggest that the fall in unemployment rate could be quicker than many forecasters predict," said economist Aysegul Sahin in a blog post for the bank. The post goes on to compare job creation and job loss to water being poured into a bathtub.

This information comes only a few days after Chairman of the Federal Reserve Ben Bernanke spoke with ABC News' Diane Sawyer regarding the nation's jobless situation, reports the Associated Press. Bernanke noted that while the struggle is far from over, recent figures have been positive. He concluded that increased hiring is the only surefire way to bring the U.S. out of its economic predicament for good.

Category: Employers

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