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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Forecast: Unemployment Could Hit 9% This Year

U.S. unemployment, now at 7.6 percent, could climb to 9 percent this year, according to 47 forecasters surveyed by the National Association for Business Economics and released today.

The Ticker thought something seemed familiar about this headline -- we checked our archives and found this prediction from the same group in November, that said unemployment would top out at 7.5 percent.

So that's a miss.

The panel further forecasts that the recession will last through the middle part of this year, with a staggering contraction in gross domestic product by 5 percent in the first quarter.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  February 23, 2009; 11:44 AM ET
Categories:  The Ticker  | Tags: NABE, unemployment  
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Comments

Had Obama actually promoted a stimulus plan that stimulated the economy their predictions were probably right last year. Now they know what he is doing and see that it will only make things worse for the country. Obama and the Democrats are killing business, stock values and, most of all, JOBS! I just hope we can get through the next two years to vote these idiots out of office before the damage they are causing becomes permanent.

Posted by: MikeJ9116 | February 23, 2009 12:21 PM | Report abuse

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