UPDATE: Fed Revises US GDP Forecasts, Cuts '12 Unemployment Forecast to 7.8-8%

(Updated - April 25, 2012 2:12 PM EDT)

Fed officials just released the following revisions to the Fed Board's economic projections:

• reduced 2012 unemployment forecast from 8.2-8.5% to 7.8-8.0%;
  
• reduced 2013 unemployment forecast from 7.4-8.1% to 7.3-7.7%;
  
• narrowed 2014 unemployment forecast from 6.7-7.6% to 6.7-7.4%;
  
• raised 2012 GDP growth estimate from 2.2-2.7% in January to 2.4-2.9%;
  
• lowered 2013 growth estimate from 2.8-3.2% to 2.7-3.1%, and
  
• lowered 2014 growth estimate from 3.3-4.0% to 3.1-3.6%.

Click here to see the Fed's full report.

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