With more than 15.1 million people out of work in the United States, unemployment reached 9.8% during the month of September — the highest rate in 26 years. And former Federal Reserve Chairman Alan Greenspan said things are going to get worse. On ABC’s This Week, Greenspan predicted that the unemployment rate will surpass 10% and then “stay there for a while before we start down.”
Though he is definitely concerned with the unemployment statistics, Greenspan says a second stimulus plan is not needed now.
“In my judgment it’s far better to wait and see how this momentum that has already begun …read more

More than 460,000 jobs were lost in June, even though the recent general consensus has been that the economy was beginning to turnaround. The loss brings the nation’s unemployment rate up 0.1% to 9.5%, which is its highest level in almost 26 years (August 1983).
Manufacturing and construction took the biggest hits, losing 136,000 and 79,000 jobs respectively. Average hourly earnings remained steady at $18.53 for the month. Though the numbers look grim, they weren’t as bad as expected. Economists had projected a 350,000 job loss for the month of June.
“Involuntary part-time” workers (those wanting to work full time but for …read more