US Unemployment Could Reach 10%

A survey of industry analysts suggests that unemployment in the US could reach 10% if growth in the economy does not improve over the next few months. So far this year, a total of only 723,000 new jobs have been created; an estimated 8.4 million jobs were lost during the recession and at the current rate of growth, it will take years for the job market to recover.

“Growth is too sluggish to successfully bring down the unemployment rate,” said Michelle Meyer, a senior economist at BofA Merrill Lynch in New York. “At this stage, about one year into the recovery, this was still quite feeble job growth.”

Source: Bloomberg

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