The worst is yet to come: Unemployed Americans should hunker down for more job losses

Nouriel Roubini
New York Daily News
November 17, 2009

[efoods]Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.

While losing 200,000 jobs per month is better than the 700,000 jobs lost in January, current job losses still average more than the per month rate of 150,000 during the last recession.

Also, remember: The last recession ended in November 2001, but job losses continued for more than a year and half until June of 2003; ditto for the 1990-91 recession.

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This article was posted: Tuesday, November 17, 2009 at 2:40 pm

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