Unemployment Could Hit 9% This Year: NABE

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

The real unemployment rate is probably closer to 20 percent.

I don't believe them.

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

I don't believe them either.

"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.

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

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

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.

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

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

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.

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.

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

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.

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