• Most Popular
  • Most Shared

Jobless rate may climb to 7 percent: Macroeconomic

NEW YORK
Wed Oct 1, 2008 9:27am EDT

NEW YORK (Reuters) - The U.S. unemployment rate may increase to 7 percent by the middle of 2009, as poor job conditions are expected to persist for another 9 to 10 months, Macroeconomic Advisers's Chairman Joel Prakken said on Wednesday.

Earlier, the ADP National Employment Report showed U.S. private employers shed their payrolls by 8,000 jobs in September, less than the 60,000 decline forecast among analysts polled by Reuters.

The ADP employment report was jointly developed with Macroeconomic Advisers and ADP Employers Services, a division of Automatic Data Processing Inc.

Economists surveyed predicted the jobless rate likely held steady in September at 6.1 percent, a five-year high.

(Reporting by Richard Leong; Editing by Theodore d'Afflisio)


More from Reuters

Photo

Senate panel approves Bernanke nomination

WASHINGTON (Reuters) - The U.S. Senate Banking Committee on Thursday approved the nomination of Federal Reserve Chairman Ben Bernanke for a second term, sending it to the full Senate for a final confirming vote. | Video

» More Top News
President Barack Obama delivers remarks at Lehigh Carbon Community College in Allentown, Pennsylvania, December 4, 2009. REUTERS/Jim Young
Analysis:

Would you give him a B+ too?

"I told Michelle when we got here that in six months my poll numbers will start crashing," says President Obama. He's not worried -- yet.  Full Article 

Barack Obama
Bernd Debusmann
Bernd Debusmann:

Burning borrowed money

The Pentagon burns through $5 million in borrowed money every hour in Afghanistan and the amount is expected to more than double once additional troops are deployed.   Commentary 

Afghanistan