Survey: Next President To Face High Jobless Rate

By CHRISTOPHER S. RUGABER
The Associated Press

Published: Wednesday, July 4, 2012 at 11:53 p.m.

Last Modified: Wednesday, July 4, 2012 at 11:53 p.m.

WASHINGTON | A majority of economists in the latest Associated Press Economy Survey expect the national unemployment rate to stay above 6 percent ? the upper bounds of what's considered healthy ? for at least four more years.

If the economists are correct, the job market will still be unhealthy seven years after the Great Recession officially ended in June 2009. That would be the longest stretch of high unemployment since the end of World War II.

And it means the job market and the economy ? President Barack Obama's main political threats ? would remain big challenges in either a second Obama term or President Mitt Romney's first term.

"The election isn't going to be a miracle cure for the unemployment rate ? that's for sure," said Sean Snaith, an economics professor at the University of Central Florida. He thinks unemployment, which is 8.2 percent now, won't drop back to 6 percent until after 2016.

Economists consider a "normal" level to be between 5 percent and 6 percent.

The economists surveyed by the AP foresee an unemployment rate of 8 percent on Election Day. That would be the highest rate any postwar president running for re-election has faced.

The survey results come before the government reports Friday on hiring during June. Fears about the economy escalated after U.S. employers added just 69,000 jobs in May, the fewest in a year and the third straight month of weak job growth.

The AP survey collected the views late last month from 32 private, corporate and academic economists on a range of issues. Among their views:

The economy will continue to grow only slowly. The average forecast for the April-June period is that GDP grew at an annual rate of 2 percent. That's down from a 2.4 percent forecast in April. The economists think the rate in the final six months of the year will be just 2.3 percent. That's too weak to bring the unemployment rate down.

Monthly job gains will average 139,000 the rest of this year ? barely enough to keep up with population growth and to prevent unemployment from worsening.

Source: http://www.theledger.com/article/20120704/news/120709691

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