Will Unemployment Hit 10%?

On Friday, the Labor Department will release its jobs report. While many economists view the possibility as unlikely, there’s a chance that the unemployment rate could top 10%.

Last month, the unemployment rate was 9.7%. Most experts believe that this month’s percentage will be about 9.8%. However, some experts believe this is the month that unemployment reaches double figures.

Even if this isn’t the month the jobless rate hits 10%, experts agree that it is only a matter of time. In fact, the peak of unemployment isn’t expected for another six months to a year.

While the recession has technically ended, the unemployed haven’t felt much of a real world impact. Jobs are scarce in virtually every region of the country and layoffs are still occuring on a seemingly daily basis.

On Wall Street, analysts predict that if the 10% unemployment number is reached, that could set off a panic among investors — resulting in an ugly day on the stock market.

Will the unemployment rate hit 10% on Friday? (Image: Flickr)