U.S. Jobless Rate Expected to Climb Past 10%
Christina Romer, chairwoman of the White House Council of Economic Advisors, recently addressed the state of unemployment in this country during a hearing of the Joint Economic Committee of Congress.
Romer, one of Obama’s top economic advisers, stated that she believes the United States’ unemployment rate could climb above 10 percent by the middle of 2010. She added that job growth will most likely remain stagnant until the end of 2010.
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During her address, she cited a study published by a private sector of forecasters who believe that the economy will slowly expand through the next year as it comes out of recession.
During times of economic downturn, unemployment growth tends to recover at a far slower rate than economic growth, and Romer warned that job creation has a lot of lost ground to recover after the decline of the past two years
The U.S. unemployment rate is currently at 9.8 percent, and is anticipated to settle at 9.6 percent by the end of 2009. A survey of economic forecasters predicts that unemployment will peak at 10.1 percent in the second quarter of 2010.
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Since the U.S. economy dipped into recession nearly two years ago, approximately 7.2 million jobs have been lost. An estimated 100,000 new jobs need to be created per month just to keep up with population increases. By these standards, the U.S. currently has about nine million fewer jobs than it requires.
Over the past six months, the economy has made significant progress in economic growth. These changes can largely be attributed to the American Recovery and Reinvestment Act’s $787 billion stimulus program.
Romer ended her address by stating that employers will most likely be more cautious as the economy slowly turns around. This speculation could mean businesses will be more hesitant to create more jobs and hire more workers, which could make the process go slower.
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