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Posted: 4:21 AM Nov 6, 2009
Unemployment nears 10 pct as rebound remains slow
The monthly employment report due out Friday isn't expected to remind anyone of an economic rebound, even though data suggests one's under way. Reporter: Associated Press |
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The monthly employment report due out Friday isn't expected to remind anyone of an economic rebound, even though data suggests one's under way.
The economy is recovering from its deepest slump since the 1930s, but employers aren't expected to start adding jobs for several more months. Many are skeptical about the strength and sustainability of the recovery.
A survey of Wall Street economists by Thomson Reuters suggests the nation's economy probably lost a net total of 175,000 jobs in October, pushing the unemployment rate to 9.9 percent. The Labor Department report is scheduled for release at 8:30 a.m. EST.
Most economists think the rate will eventually surpass 10 percent, a level last seen in June 1983.
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