Economist: Local jobless number may have peaked

By Geert De Lombaerde Posted on May 28, 2009 at 2:58 pm

On the day the state’s jobless number edged closer to 10 percent, David Penn at MTSU says the local economy’s ‘dreadful’ first quarter may have been the worst we’ll see.

Initial claims have leveled off during the past several weeks, but this does not mean that the unemployment rate will soon begin to decline—far from it, as initial claims remain at a very high level. It does mean, however, that some of the upward pressure on unemployment has diminished; the high level of initial claims will continue to push the unemployment rate higher but not nearly as quickly as in the first quarter.

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Tags: Business & Economic Research Center, David Penn, economic indicators, economy, employment, housing market, job market, Middle Tennessee State University, unemployment  

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