The Joblessness Threat
Recent data suggest that job market conditions are not improving in the US and other advanced economies. But raw figures on job losses, bad as they are, actually understate the weakness in world labor markets, increasing the threat of a double-dip W-shaped recession.
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NEW YORK – Recent data suggest that job market conditions are not improving in the United States and other advanced economies. In the US, the unemployment rate, currently at 9.5%, is poised to rise above 10% by the fall. It should peak at 11% some time in 2010 and remain well above 10% for a long time. The unemployment rate will peak above 10% in most other advanced economies, too.