Jobs. An economic forecast produced by the officials' three offices estimates that the labor market will add 100,000 jobs per month in 2010. However, they said the unemployment rate may still rise slightly over the next few months.
The trio added that jobs will grow by 200,000 a month in 2011, bringing the unemployment rate down to 8.9%. In 2012, payrolls will improve by 250,000 jobs each month, pushing the jobless rate down to 7.9% by the fourth quarter.
In the near term, they expect to see job gains by the spring based on consistent increases in temporary employment and employers expanding the workweek. Productivity growth has also surged at the fastest pace in nearly 50 years during the last three quarters, and the officials expect more hiring to keep pace.
GDP and inflation. Geithner, Orszag and Romer said the forecast projects that gross domestic product, the broadest measure of economic activity, will tick higher by 3% in 2010, and grow 4.3% annually in 2011 and 2012.
They expect inflation to remain low, at 1% in 2010, 1.4% in 211 and 1.7% in 2012.
