Forecasts for unemployment start to surge


A year ago, most economists were projecting fairly mild unemployment for the U.S. this year. Most were forecasting a range of 7 to 8 percent. In February, the figure has already gone beyond that.

Now that it is clear that the recession will last for the year, forecasters are upping their jobless rate estimates -- by a lot. The new "stress-testing" program for banks assumes a worst case for unemployment at 10 percent. The closely followed economist Nouriel Roubini says the figure could go above that.

Originally published