|
|
"A comprehensive, collaborative elections resource."
|
What recovery? Unemployment shoots past 10 percent
|
|---|
| Parent(s) |
Issue
|
| Contributor | Jason |
| Last Edited | Jason Nov 16, 2009 06:50pm |
| Logged |
0
|
| Category | General |
| Author | Jeannine Aversa and Christopher S. Rugaber |
| News Date | Saturday, November 7, 2009 12:40:00 AM UTC0:0 |
| Description | WASHINGTON (AP) -- Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.
The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.
President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.
Economists had not expected the 10 percent mark to come so quickly and immediately darkened their forecasts. Mark Zandi, chief economist at Moody's Economy.com, and Joshua Shapiro, chief U.S. economist at MFR Inc., predicted the rate will peak at 11 percent by mid-2010. They earlier had projected 10.5 percent. |
| Share |
|
|
2¢
|
|
| Article | Read Full Article |
|
| Date |
Category |
Headline |
Article |
Contributor |
|
|
