It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
- RGE Monitor: 2009 - 9.9% and by Q3 2010 – 10.5%, with close to 4.5 million job losses in 2009;
- Morgan Stanley: 2009 – 10.0%;
- Goldman: 2009 - 9.5%, and 2010 – 10.0%;
- JP Morgan: 2009 - 8.7%
- Merrill: 2009 - 9.9%, and 2010 - 10.4%, with 3.0 million job losses in 2009 (of which well over 1/3 already have happened); and,
- The Federal Reserve (mid-point): 2009 - 8.7%, 2010 – 8.2%, and 2011 – 7.1.
As RGE Monitor puts it, “Intensifying job losses will put further pressure on consumer spending, raise mortgage, credit card and other debt defaults as households already face wealth loss from housing and stock markets”.
April 14 (Bloomberg) -- Federal Reserve Bank of Dallas President Richard Fisher said “grim” figures indicate the world’s largest economy shrank steeply last quarter.
“The economic data in the U.S. is quite grim, and I expect a contraction at an equally dismal rate in the first quarter,” Fisher said in a speech today in Hong Kong. He reiterated his prediction that the jobless rate may exceed 10 percent this year.
Minutes of the Fed’s most recent meeting in March show that policy makers feared the U.S. economy might fall into a self- reinforcing cycle of rising unemployment and slumping business and consumer spending. That outlook prompted the FOMC to boost its open-market purchases of bonds by $1.15 trillion.
Fisher’s forecast for unemployment to exceed 10 percent goes beyond the expectations of any other Fed official. The jobless rate reached 8.5 percent in March, the highest since 1983.