Job Report July 2012
by, 30th July 2012 at 05:32 PM (1613 Views)
The White House brightened its outlook on national unemployment, offering a forecast of 8.0 percent for 2012 and a drop to 7.7 percent for next year, according to an article by Reuters.
During its semi-annual budget review, the White House also stated that it expects the national gross domestic product to rise 2.3 percent this year and 2.7 percent next year—substantially less than the projections it made earlier in February of a 2.7 and 3.0 percent growth, respectively.
The deficit should be a little less as well for this fiscal year (from October to September), with current estimates at around $1.211 trillion instead of $1.327 trillion. In addition, the White Houses noted that over the next decade, cumulative deficits should be $240 billion lower than it originally estimated back in February.
However, while the initial forecast appears to be relatively optimistic, economic difficulties still lie ahead.
“The economy still faces significant headwinds that have held down growth and limited gains in employment,” Jeffrey Zients, acting director of the White House Office of Management and Budget, said in a statement accompanying the review.