Unemployment Rate Expected to Reach 10%
An updated March forecast from the Economic and Revenue Forecast Council shows further weakening of the economy.
Since the November forecast, the projected unemployment rate for next year has risen from 8.3% to 10%. We have not had an annual unemployment rate that high since 1983.
In addition, the leap from 5.3% in 2008 to 9.2% in 2009 would be the largest one-year leap in unemployment in at least three decades.
The ERFC notes that the downward revision is largely due to lower federal infrastructure funding than was expected, and is somewhat offset by higher funding for Hanford clean-up.
What is the unemployment rate? It's the share of the labor force that are looking for, but unable to find, work. This measure does not include people who have been discouraged from actively seeking work or people who are working part-time because they cannot find fulltime work.
