As growth continues and strengthens, I expect further gradual declines in the unemployment rate, with the rate falling to around 8 percent or a little less, by the end of 2012.
Of course, forecasting is a hazardous business, even in the best of times, and we should all take any economic forecast with at least a grain or two of salt – if not more. So it is important to recognize that there are some obvious risks to the growth forecast.