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IPFS News Link • Economy - Economics USA

Jobless in America: Is Double-Digit Unemployment Here to Stay?

09-11-2009 • Time magazine

What made Summers' frank comment important is that it suggests this just-add-gas relationship may now be malfunctioning. The American economy has been shedding jobs much, much faster than Okun's law predicts. According to that rough rule, we should be at about 8.5% unemployment today, not slipping toward 10%. Something new and possibly strange seems to be happening in this recession. Something unpredicted by the experts. "I don't think," Summers told the Peterson Institute crowd — deviating again from his text — "that anyone fully understands this phenomenon." And that raises some worrying questions.

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Reported By Powell Gammill

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