Thursday, April 9, 2009

Peak Oil Financial Crisis: "New jobless claims fall more than expected to 654K," By Christopher S. Rugaber, Associated Press, April 9, 2009

WASHINGTON (AP) -- "New jobless claims fell more than expected last week but are stuck at elevated levels, while the number of people continuing to receive unemployment insurance approached 6 million, setting a record for the 10th straight week."

"The Fed expects the unemployment rate -- now at a quarter-century high of 8.5 percent -- will probably "rise more steeply into early next year before flattening out at a high level over the rest of the year," according to minutes from the central bank's March meeting released Wednesday. Many private economists expect the rate will hit 10 percent by year's end."

(Continued here).

This would put the total unemployment rate at some 18% by year's end.

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