Forecast: Double-Digit Unemployment in 2010

By Toni Vranjes

February 12, 2010

Payrolls will grow in 2010, but unemployment will remain high for a while, according to a forecast from President Obama’s economic advisers.

This year, employers will create about 95,000 jobs each month on average, according to the Economic Report of the President, which was released this week. However, the report forecasts that the jobless rate will hover at about 10 percent in 2010. In January, unemployment was at 9.7 percent.

“Indeed, it is possible that the rate will rise for a while as some discouraged workers return to the labor force, before starting to generally decline,” the report states.

Unemployment will drop to 9.2 percent in 2011, according to the report. The following year, the jobless rate is forecast to be around 8.2 percent.

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