Obama Says U.S. Jobless Rate to Reach 10% This Year

[red states rule]

Only 2% more than predicted by Obama after his mefa pork bill was passed? That means we can count on 15-17% unemployment

Considering the current rate is 9.4% not a bold prediction by the Choosen One

Has anyone reenacted Carter's misery index?



Obama Says U.S. Jobless Rate to Reach 10% This Year

June 16 (Bloomberg) -- President Barack Obama said the U.S. unemployment rate will reach 10 percent this year, even as the economy begins to emerge from the recession.

“You’re starting to see the engines of the economy turn,” Obama said today in an interview with Bloomberg Television at the White House. “It’s going to take a long time -- we had a huge de-leveraging that took place.”

Obama acknowledged that unemployment lines may keep growing despite government efforts to boost economic growth, saying he’s confident an expansion will begin “shortly.” His outlook mirrors the forecasts of private economists who predict a jobless rate of 10 percent -- a level unseen since 1983 -- by the final three months of the year.

“What you’ve seen is that the pace of job loss has slowed,” the president said. “The economy is going to turn around, but as you know, jobs are a lagging indicator and we’ve got to produce 150,000 jobs every month just to keep pace, just to flatten this out.”

The U.S. economy lost 345,000 jobs in May, the smallest drop since September and less than half the decline in January, reinforcing signs that the deepest recession in half a century is starting to abate. The unemployment rate rose to 9.4 percent, the highest since 1983.

Obama said Treasury yields are rising because investors have grown “more confident that we may have avoided the very worst scenarios” for the economy and financial markets.

http://www.bloomberg.com/apps/news?p...d=acS92O5awdhM

[Mr. P]

I guess it depends on how you measure but a month ago I heard the rate was really 15% then.

[avatar4321]

You realize there is almost 1 out of 10 people who are unemployed right now? Thats alot.

[Kathianne]

I know at least 28 people currently unemployed. This in a pool of college grads and those that were making over $85k per year. I can imagine what is happening in the cohorts of less educated or experienced. The numbers are way off, IMO.

[glockmail]

But didn't The Chosen One say that unemployment was going to peak at 8%? Obviously he lied to get us in this disaster, he went in this thing without a plan, and he has no exit strategy.

[glockmail]

I know at least 28 people currently unemployed. This in a pool of college grads and those that were making over $85k per year. I can imagine what is happening in the cohorts of less educated or experienced. The numbers are way off, IMO.

Depends on the sector. In my industry (construction and related) and my locale the unemployment is probably 50%. Guys that were in business over 35 years are bankrupt.

[Mr. P]

Depends on the sector. In my industry (construction and related) and my locale the unemployment is probably 50%. Guys that were in business over 35 years are bankrupt.

I's say construction and related is worse than -50% here.

Speaking of related..what happened to Manu? The last post I remember seeing from him was his business was down 50%..then poof no more manu.

[Kathianne]

I's say construction and related is worse than -50% here.

Speaking of related..what happened to Manu? The last post I remember seeing from him was his business was down 50%..then poof no more manu.

I just saw him on another site, he's been busy.

[red states rule]

But didn't The Chosen One say that unemployment was going to peak at 8%? Obviously he lied to get us in this disaster, he went in this thing without a plan, and he has no exit strategy.

That was the line he used to sell his mega pork bill

Since when is 10% unemployment a good thing, outside it being that after it being 20%?

The fools who voted for Obama did not have a clue then - and do not have a clue now

[Binky]

What they aren't counting are all the people whose unemployment bennies have run out and they are still out of work. So that makes the percentage even higher. They never mention that tho'.

[red states rule]

What they aren't counting are all the people whose unemployment bennies have run out and they are still out of work. So that makes the percentage even higher. They never mention that tho'.

They have joined the homeless and anti war protesters that were constantly on the news during the Bush years

[glockmail]

I's say construction and related is worse than -50% here.

Speaking of related..what happened to Manu? The last post I remember seeing from him was his business was down 50%..then poof no more manu.

Probably can't afford his broadband bill.

[Kathianne]

I just saw him on another site, he's been busy.

Glock, he's fine and he can afford the bill. What do you have against Manu?

[glockmail]

Glock, he's fine and he can afford the bill. What do you have against Manu?

Wow Kate you're in rare form accusing me of hatin' this morning. I have nothing against him, but if his business is down 50%, same as mine BTW, then expenses have got to be cut. I'm trying to get rid of my land line phone. *shrug*

[Kathianne]

Wow Kate you're in rare form accusing me of hatin' this morning. I have nothing against him, but if his business is down 50%, same as mine BTW, then expenses have got to be cut. I'm trying to get rid of my land line phone. *shrug*

Perhaps it's the way you're saying things? I'd wonder the same, regardless of who posted about Michelle's rear or a comment on someone else's income. *shrug*