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

Obama: Unemployment to Hit 10%

U.S. unemployment, now at a 25-year high of 9.4 percent, will hit 10 percent before it begins to decline, President Obama said during an interview with Bloomberg yesterday.

Obama correctly called employment a "lagging indicator," meaning that unemployment can continue to rise even as the stock market rallies or the economy starts to bottom.

He added that he doesn't have a "crystal ball" to predict when unemployment will start to decline, he told Bloomberg.

-- Frank Ahrens
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By Frank Ahrens  |  June 17, 2009; 11:19 AM ET
Categories:  The Ticker  | Tags: Bloomberg, Obama, unemployment  
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