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Deere's top economist predicts jobless rate will reduce through 2012

Wednesday, February 16, 2011

Deere's chief economist delivered a speech earlier this week stating he believes the U.S. unemployment rate will go down.
Deere's chief economist delivered a speech earlier this week stating he believes the U.S. unemployment rate will go down.

As the global economy continues rebounding, those benefits will touch Eastern Iowa, the U.S. and the agricultural industry, according to J.B. Penn, chief economist of John Deere who delivered a keynote speech Tuesday afternoon.

At the farming equipment manufacturer's world headquarters in Moline, Penn's speech highlighted the International Marketing Conference sponsored by the Quad-Cities Chamber of Commerce. The chief economist stated he believes the U.S. jobless rate will decrease later this year and next, and that the globe's recovery from the depths of a severe recession is pointing up.

"The global economy is growing," he said, according to the Quad-City Times. "All of it is showing positive growth and the world has passed one of the scariest times, at least in my lifetime. Overall, there are some pitfalls. But when we view all of our prospects for 2011 and 2012, it looks quite bright."

The chief economist said the value of the dollar is likely to remain low, where it has been since 2002.

"And there is no reason to think that in the next year or two that it will be reversed," Penn said. "It will continue to be weak."

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