Unemployment Could Hit 9% This Year: NABE

[sabra]

Source: CNBC

Brace yourself: The recession is projected to worsen this year.

The country stands to lose a sizable chunk of economic activity in 2009 as consumers at home and abroad retrench in the face of persistent economic troubles.

And the U.S. unemployment rate—now at 7.6 percent, the highest in more than 16 years—is expected hit a peak of 9 percent this year.

That gloomy outlook came from leading forecasters in the latest survey by the National Association for Business Economics to be released Monday.

The new estimates are roughly in line with other recent projections, including those released last week by the Federal Reserve.

"The steady drumbeat of weak economic and financial market data have made business economists decidedly more pessimistic on the economic outlook for the next several quarters," said NABE president Chris Varvares, head of Macroeconomic Advisers.

Read more: http://www.cnbc.com/id/29344007

[Manifestor_of_Light]

1. You believe these business shills???

The real unemployment rate is probably closer to 20 percent.

I don't believe them.

[rurallib]

2. Yup - if we counted it the way they did in the Great Deprssion

we are right at Great Depression rates. Way to go President Bushver

[sarcasmo]

3. At least 20 percent here in Michigan if not higher.

I don't believe them either.

[Demeter]

7. Yeah, 9% would be Signs of a recovery

[Lizz Levan]

4. CBO projected the same figure but in early 2010

"An unemployment rate that will exceed 9 percent early in 2010"

http://cboblog.cbo.gov/?p=196

But I'm hopeful that the stimulus will eventually bring this number down to normal levels of 5 or 6 percent.

[No Elephants]

5. Liar, liar, pants on fire. Wonder how high the rate really is.

[RUMMYisFROSTED]

6. About 13%. nt

[Demeter]

8. That was 6 weeks Ago

It's much more now. 18% According to shadow government. http://www.shadowstats.com/

[RUMMYisFROSTED]

9. I don't believe it.

1 in 5 would rsult in at least a moderate amount of chaos. 1 in 7, however, is borderline. :shrug:

[Demeter]

10. U6 Includes Discouraged and Underemployed and Those Who Fell Off the Dole

And I don't know about your neck of the woods, but moderately chaotic is a polite way of describing things around here and in other spreading areas of the nation.

[RUMMYisFROSTED]

16. U6 currently 13.9%

http://www.bls.gov/news.release/empsit.t12.htm

Eta: 14% or 18%, both are horrible.

[sarcasmo]

12. It's 1 in 5 here in Michigan if not higher. 14,000 people applied for 150 jobs at a new Casino

Which is set to open soon, who will have money to spend at the Casino that is another story. Edit: The Casino opening is in Allegan County, SW Michigan.

[Mari333]

13. well allegan county will get a boost

now we need one to open in van buren county...:)
welcome to Michigan, saying Yes to Casinos because we have no other industry to speak of.

[Doctor_J]

15. There will be no chaos as long as American Idol keeps going, and

Limpballs gives the mouth-breathers something to do during the day.

[nakanishi oshi]

11. we'll get through this

The effects of the stimulus will be felt late but surely. It might take 1 year to begin feeling the effects, with unemployment settling down.

[Doctor_J]

14. What's that in reality-based numbers? Probably more than 14%

Bernie Sanders on Hartmann a couple months ago sand said at THAT time it was around 13%.