Watchman Alfrescian Loyal Joined Mar 12, 2009 Messages 13,160 Points 0 Oct 8, 2009 #1 Unemployment will top 10% - Greenspan The former Fed chairman said the economy will grow 3% in the third quarter, though unemployment will also continue rising in the near term. October 4, 2009: 12:14 PM ET WASHINGTON (CNN) -- The U.S. economy will grow more than expected in the third quarter, but unemployment also will continue to increase and "penetrate" the 10% barrier, former Federal Reserve Chairman Alan Greenspan said Sunday. Greenspan told the ABC program "This Week" that he expected 3% growth in the third quarter, up from the 2.5% he previously predicted. However, he said a "pretty awful" September employment report released Friday showed the jobless rate continued to climb. A slowing or halt in job losses is different than reversing the rise in unemployment, Greenspan noted, adding that the nation's unemployment rate -- currently 9.8% -- is "going to penetrate the 10% barrier before heading down." That prediction matches previous comments by President Barack Obama and others who say that unemployment is a lagging indicator in an economic recovery. Read more...
Unemployment will top 10% - Greenspan The former Fed chairman said the economy will grow 3% in the third quarter, though unemployment will also continue rising in the near term. October 4, 2009: 12:14 PM ET WASHINGTON (CNN) -- The U.S. economy will grow more than expected in the third quarter, but unemployment also will continue to increase and "penetrate" the 10% barrier, former Federal Reserve Chairman Alan Greenspan said Sunday. Greenspan told the ABC program "This Week" that he expected 3% growth in the third quarter, up from the 2.5% he previously predicted. However, he said a "pretty awful" September employment report released Friday showed the jobless rate continued to climb. A slowing or halt in job losses is different than reversing the rise in unemployment, Greenspan noted, adding that the nation's unemployment rate -- currently 9.8% -- is "going to penetrate the 10% barrier before heading down." That prediction matches previous comments by President Barack Obama and others who say that unemployment is a lagging indicator in an economic recovery. Read more...
