Released in time for campaign season, President Barack Obama’s advisers have released their annual Economic Report of the President — a document forecasting the economy for the fiscal years of 2014-2015.
With stats showing the unemployment rate has dropped to a five-year low, the housing market improving and the economy growing 1.9 percent throughout 2013, the report states the U.S. economy is expected to strengthen within the next two years.
According to the document, the GDP is predicted to produce its best results in more than eight years — expanding 3.1 percent in 2014 and 3.4 percent the next. The President’s report also estimates the unemployment rate will average 6.9 in 2014 and then drop to 6.4 percent in 2015.
Projections used by the White House were pulled from November, and it is now thought that the forecasts are a bit cautious based on the data that has been released since, according to Jason Furman, White House Council of Economic Advisers Chairman.
The months following the information used in the report showed weaker employment data than forecasted, with winter weather being blamed for the poor hiring results. February was the first month since November that hiring exceeded expectations. However, Furman says that if the report were using current data, the GDP would have a higher starting point and unemployment would be lower in 2014.
President Obama opened the Economic Report with, “This year’s Economic Report of the President describes how after 5 years of grit and determined effort, the United States is better-positioned for the 21st century than any other nation on Earth?
What Do You Think?
Are these numbers realistic or just projected to make Americans continue to think the economy is set for improvement? Do you think an economic turnaround is upcoming?
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