CBO: Longest Period of High Unemployment Since Great Depression
CBO: U.S. enduring the longest period of high unemployment since the Great DepressionFebruary 16, 2012 RSS Feed Print
After three years with unemployment topping 8 percent, the U.S. has seen the longest period of high unemployment since the Great Depression, the Congressional Budget Office noted in a report issued today.
And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven't sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent.
Dollar Gets No Respect Despite Economic Gains
Even good U.S. economic data can’t get the dollar going higher.
Mike Kemp | Getty Images
The dollar rose on a flutter of activity earlier Thursday, but after a few positive headlines out of Europe, it reversed course, tipping into negative territory, while the euro edged higher.
“This morning’s (gain) was about risk aversion, more problems in Europe and concern this was a problem for global growth,” said Robert Sinche, head of global foreign exchange strategy at RBS.