Economists Predict Rise In Jobless Rate

From The American Thinker:

October 04, 2010


Economists predict rise in jobless rate

Rick Moran



There are only two jobless reports left until election day and Bloomberg is reporting that economists are glum about prospects for September's numbers:





The jobless rate probably rose in September for a second month as the year-old U.S. recovery failed to generate enough jobs to keep up with a growing labor force, economists said before a report this week.

Unemployment climbed to 9.7 percent from 9.6 percent in August, according to the median estimate of 62 economists surveyed by Bloomberg News ahead of an Oct. 8 report from the Labor Department. The data may also show companies added 77,000 workers to payrolls, and total hiring stagnated amid cuts in government staffing as the decennial census wound down.



A lack of jobs is restraining consumer spending, the biggest part of the economy, and underscores the Federal Reserve's concern that the rebound from the worst recession since the 1930s has been too slow to develop. Economists surveyed by Bloomberg project unemployment will average at least 9 percent through 2011.





With more and more non-political junkies starting to pay attention to what's going on over the next few weeks. the unemployment rate will be a key determining factor in many people's vote. With that number inching upward, many will be asking how it is possible we are out of a recession.











Posted at 09:31 AM