The former maestro and central-banking commissar of the American economy, Alan Greenspan, has predicted 3% growth for the third quarter, but he expects unemployment to continue to rise to at least the 10% barrier.
Greenspan told the ABC program “This Week” that he expected 3 percent growth in the third quarter, up from the 2.5 percent 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 from reversing the rise in unemployment, Greenspan noted, adding that the nation’s unemployment rate — currently 9.8 percent — is “going to penetrate the 10 percent barrier before heading down.”
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