US Unemployment will top 10%

The U.S. economy will grow more than expected in the third quarter, but unemployment also will continue to increase and „penetrate“ the 10% barrier, former Federal Reserve Chairman Alan Greenspan said Sunday.
Greenspan told the ABC program „This Week“ that he expected 3% growth in the third quarter, up from the 2.5% he previously predicted. However, he said a „pretty awful“ September employment report released Friday showed the jobless rate continued to climb.
A slowing or halt in job losses is different than reversing the rise in unemployment, Greenspan noted, adding that the nation’s unemployment rate – currently 9.8% – is „going to penetrate the 10% barrier before heading down.“

CNN
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