Double-digit unemployment is finally here, and it's here in a big way: unemployment jumped from 9.8 percent last month into the double digits, a .4 percent increase to 10.2 percent. At the Business Channel, Dan Indiviglio breaks down the utter bleakness in the numbers.
It's an event the White House has expected, and has been hedging against, all along: they've said since early summer that unemployment may crest over the double-digit mark, and, more recently, as administration officials have brought the good news of 3.5 percent third-quarter GDP growth, they've made some more direct predictions that this would happen.
President Obama has forecasted more job losses twice in the past week. In his weekly radio/YouTube address on Saturday, Obama warned that "We will likely see further job losses in the coming days," even as he posed the GDP numbers as an encouraging indicator, and on Monday, at a meeting of his Economic Recover Advisory Board, he reiterated the predication, saying, "We anticipate that we're going to continue to see some job losses in the weeks and months to come." Two weeks ago, Christina Romer, who chairs Obama's Council of Economic Advisors told Congress's Joint Economic Committee that unemployment would remain at a "severely elevated level."