More unemployment gloom

June 9, 2009

From IHS Global:

The economy remains on track to bottom out soon—at least in output terms. We expect the rate of contraction in GDP to slow in the current quarter (to minus 2.8%), before GDP edges higher in the second half of the year. But a rapid recovery is not in prospect, after so extreme a financial shock. Economists may be able to declare the recession technically “over” some time in the third quarter, but it won’t feel that way for the unemployed, with the unemployment rate peaking at 10.3% in the first half of 2010.

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