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U.S. unemployment to near 10 percent as slump worsens

Thu, 12th March, 2009 - Posted by Joshuah

U.S. unemployment will approach 10 percent as the country endures its worst recession since World War Two, leaving more than 13 million Americans jobless, according to a Reuters poll of economists.

The economy will level out in the third quarter, the results showed, but the poll painted a bleaker picture than a survey conducted just a month ago.

Median forecasts now assume gross domestic product will shrink an annualized 5.3 percent this quarter, following a brutal 6.2 percent decline at the end of 2008.

The recession will continue into the second quarter, moderating to a 2 percent drop, stabilizing sometime this summer. GDP should turn the corner, albeit hesitantly, by autumn.

Analysts say the turbulence plaguing large sectors such as banking and autos means predictions are less reliable than usual.

Source:  Reuters

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Category : Economics

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