Unemployment expected to hit 9%
Market WatchNovember 12, 2008
WASHINGTON (MarketWatch) -- The U.S. recession is likely to be as long and severe as the downturns in 1973-75 and 1981-82, economists at Wachovia said Wednesday. Gross domestic product will likely fall for four consecutive quarters, according to the forecast released by chief economist John Silvia. Domestic demand is expected to fall for five straight quarters, which would be the longest decline since the government started keeping track in 1947. The unemployment rate is expected to peak in late 2010 at 9%, which would be the highest since 1983. In October, the unemployment rate was 6.5%.