Read it and fucking weep: unemployment to peak above 10% next year

No one has been more accurate during the last decade than the Congrssional Budget Office, with regards to accounting for where the government's cash is going, what it takes to pay for everything, unemployment/job loss numbers, predictions looking forward on what money will be left, what will be needed, and "all-things US economy." So, here you go. - sj

U.S. unemployment likely to peak above 10 percent: CBO

Thu May 21, 2009 10:24am EDT

WASHINGTON (Reuters) - The U.S. economy will likely start growing again in the second half of this year but unemployment will likely keep rising through 2010 to peak over 10 percent, the Congressional Budget Office said on Thursday.

"The growth in output later this year and next year is likely to be sufficiently weak that the unemployment rate will probably continue to rise into the second half of next year and peak above 10 percent," CBO Director Douglas Elmendorf said in prepared testimony to the U.S. House Budget Committee.

It will likely take several years for the unemployment rate to fall back to levels seen before the recession hit, in the neighborhood of 5 percent, he said in the prepared remarks.

(Reporting by Jeremy Pelofsky)