US Jobless Rate Predicted at 7.5% - Hello, Recession!
In case any of you have not noticed, the US has slipped into a recession. I do not ever remember a painful struggle like this to deny the recession and pretend that everything was ok! But I think everybody’s on the same page now. It is rough out there, and yes, the US is slipping into a recession.
Inflation, Job Loss, and Tight Credit… Oh My!
This decline is expected to escalate into the 4th quarter of 2008, and last, at least, until the 1st quarter of 2009. Despite the cash injections by the US federal governmnet, credit is still very tight. This began with the mortgage crisis, but extended, as these things do, into other areas of business. With incomes and credit tight, auto sales are down, and now the US auto companies are the latest companies to throw up a red flag.
The US jobless rate is predicted to spike up to 7.5% in the last quarter of the year, which is more than a point over previous estimates.
In case any of you are wondering, we are still experiencing inflation, though fuel prices have backed off, which should give us some breathing room.
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