Economists See Unemployment Dipping Below 8 Percent This Year

To join the conversation on this story and others, "like" our KKTV 11 News Facebook page!

More than 30 leading economists believe the unemployment rate should dip below 8 percent by Election Day, though likely won't fall below 6 percent for at least another three years.

An unemployment rate below 6 percent is considered a sign of a healthy economy.

Unemployment rates have dropped steadily since last year, going from 9.0 in September 2011 to 8.2 percent for March of this year. The unemployment rate began steadily rising in 2008 as the recession hit, peaked at 10 percent in October 2009, and remained stagnant for more than a year after.

If the unemployment rate does drop below 8 percent, it could potentially boost President Obama's re-election chances. Since 1956, no president has lost re-election when the unemployment rate dropped leading up to Election Day.

Thirty-two economists surveyed by the Associated Press believe the economy has entered a "virtuous cycle" where hiring boosts customer spending, which in turn fuels more hiring and spending.

They do, however, predict that hiring for the remainder of 2012 won't keep up with the brisk pace of the first few months.

KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 150013785 -
Gray Television, Inc.