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Obama faces only one more bad year for economy
But economists see unemployment rising throughout 2009 to 8.8%
By Rex Nutting, MarketWatch
Last update: 8:17 p.m. EST Jan. 16, 2009
"...The unemployment rate is expected to rise to 8.8% by the fourth quarter of the year, they said. That would be the highest jobless rate since the aftermath of the 1982 recession.
The recession is "a long one and it's getting deeper," said Brian Fabbri, chief North American economist for BNP Paribas, who predicts the economy won't begin to grow again until the fourth quarter of 2009 or even the first quarter of 2010. "We'll have many, many more job losses," he said predicting the unemployment rate would rise to 9.5% at its peak in the middle of 2010...."
European Union chops growth forecasts
By William L. Watts, MarketWatch
Last update: 9:22 a.m. EST Jan. 19, 2009
"...Unemployment is forecast to rise from 7.5% in 2008 to 9.3% this year and 10.2% in 2010. Inflation is set to fade from 3.3% to 1% in 2009, then push back to 1.8% in 2010...The commission said the global financial crisis is now taking a significant toll on the real economy, boosting the risk of a "negative feedback loop" between the financial sector and the real economy that could be stronger and longer lasting than assumed in the current projections...."
Spain cuts 2009 GDP forecast to -1.6 pct
01.16.09, 08:30 AM EST
"...Unemployment rise to 15.9 percent in 2009, dropping to 15.7 percent in 2010 and 14.9 percent in 2011...."