San Fransisco Fed research continues to show concerns for US economy. In previous paper they said it looks like there will be a jobless recovery. The reason was high productivity which is expected to remain.
Now in another research note, David Lang and Kevin J. Lansing forecast US growth and unemployment. They use the business cycle indicators produced by the Chicago and Philadelphia Federal Reserve Banks to predict growth for 2011 and H1 2012. And then use Okun law relationship to predict unemployment.