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Survey: US economy improving faster than expected
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Economists predict unemployment rate will drop
- Duration 2:31
- Date Mar 6, 2012
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Transcript
This transcript is automatically generated
Pulling a new report saying.
The economy's getting better faster than expected.
AP survey of leading economists predict the unemployment rate will fall to 8%.
By Election Day -- drop even more to seven point four by the end of next year that is great news for the White House potentially.
Fox Business -- Stuart Varney -- a parting company with me now Stewart what is this.
Well it looks rosy politically and economically for President Obama and the American -- -- but.
It if you just dig underneath this -- that this that -- -- superficial elements of this have forecast you'll see that is not quite such a rosy picture at all.
Now the unemployment rate is down that is correct.
Why is it down.
In -- it's down because people all leaving the world for us there are far fewer people walking today in the world in 2007.
Before this recession began in fact there are five and a half million.
Fewer jobs today fewer people looking -- back in 2007.
If any of those people -- to come back into the lay before us then the unemployment rate will go up.
That whole picture is not factored into this full cast of -- unemployment -- down the road so that's one negative.
The other one is -- you've got four dollar a gallon gasoline but we do not yet know the effect of four dollar gas on the unemployment rate down the -- we simply don't know what that's going to be.
Also you've got China slowing down dramatically.
Europe is in recession and we don't yet know what impact vast wealth piled on America's unemployment right so superficially.
A pretty rosy picture painted by these economists looking forward that you do a little digging and it's not so -- a lot of factors to consider later today in the afternoon the -- gonna talk about.
Mortgages among other things is that we years yes there has been -- leak of content of the president's press conference legend on this afternoon.
If you've got an FHA Federal Housing Administration loan and you walk on the walks up.
But you -- current with your monthly mortgage payments.
The president's plan would allow you to refinance.
At much lower interest rates.
So will be help for those people on the Walter but current on that FHA mortgages.
Don't how many people this would affect but it would cost between five and ten billion dollars.
That's what the president wants to be the headline.
From his press conference.
But I suspect that gas prices will occupy a great deal of time at a conference duly noted thank -- Stewart we'll catch a bit later there there right time when -- story comes that.
