Within 3 Days, AP’s Reported Unemployment Estimates Significantly Worsen
In separate reports for the Associated Press during the past week, Christopher Rugaber and Jeannine Aversa, economics writers for the wire service, each dealt with estimates for next year's average unemployment rate. They came back with significantly different predictions for 2011 without recognizing how widely those estimates varied. On Tuesday , Rugaber dealt with the Federal Reserve's latest economic growth projections, in the process telling readers that the Fed expects that the unemployment rate “will be 8.9 percent to 9.1 percent in 2011.” On Friday , Aversa looked at three alternative proposals for handling next year's federal income tax rates, which will increase substantially for everyone unless Congress acts. The projected unemployment rates for next year under the three proposals are all either 9.9% or 10.0%. So the Fed thinks that unemployment will come down next year, while Aversa's consulted experts think it will go up slightly regardless of what Congress does or doesn't do about taxes. The one-point difference between the two sets of estimates represents about 1.5 million workers . That's not a small number. Did things suddenly get worse while the turkeys were cooking on Thursday? read more
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Within 3 Days, AP’s Reported Unemployment Estimates Significantly Worsen
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on November 28, 2010. Filed under