Jobless Rate Forecast to Rise into 2010

By Toni Vranjes

May 22, 2009

Although there’s good news on the economic front, the job market will remain tough for quite some time.

The economy will start growing again later this year, but unemployment likely will continue to increase into 2010, according to a forecast by the Congressional Budget Office. In testimony before the House Budget Committee this week, CBO Director Douglas Elmendorf said he expects the jobless rate to peak at more than 10 percent.

“Eco¬≠nomic growth over time will ultimately bring the unemployment rate back down to the neighborhood of 5¬†percent seen before this downturn began, but that process is likely to take several years,” he said.

In the meantime, keep networking and polishing those resumes.

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