Jobless rate may exceed 8% in election year: Fed

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In Response To: Fed cuts growth rate forecast for 2011, 2012 ()

Jobless rate may exceed 8% in election year: Fed (by Robert Schroeder)

WASHINGTON (MarketWatch) -- The U.S. jobless rate will be between 7.8% and 8.2% in 2012, the Federal Reserve estimated Wednesday. An unemployment rate that high could spell trouble for President Barack Obama's re-election campaign. In October 1992 the unemployment rate was 7.3%, when George H.W. Bush lost to Bill Clinton. In November 1980, when Jimmy Carter lost to Ronald Reagan, it was 7.5%. In April the Fed predicted that the unemployment rate in 2012 would be between 7.6% to 7.9%.

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Jobless rate may exceed 8% in election year: Fed

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