Tuesday, March 10, 2009

Going to Be Worse

Sadly I think they're still being somewhat optimistic.

March 10 (Bloomberg) -- The U.S. jobless rate will reach 9.4 percent this year and remain elevated through at least 2011, threatening the nation’s longer-term growth potential, a monthly Bloomberg News survey indicated.

The peak in unemployment surpasses the 8.8 percent estimated last month, according to the median of 54 projections in a survey taken from March 2 to March 9. The average rate for the next two years will exceed the 25-year high of 8.1 percent reached in February, the survey shows.


Stimulus package isn't going to be enough, and lighting piles of money on fire isn't especially productive.