November's Jobless Rate Likely To Be 5.6%, Merrill Lynch Says
Jan. 13, 2005
By John S. McClenahen When the U.S. Department of Labor reports November unemployment data on Dec. 7, the U.S. jobless rate is likely to rise to 5.6%, says Gerald D. Cohen, a senior economist at Merrill Lynch & Co., New York. In October the overall ...
ByJohn S. McClenahen When the U.S. Department of Labor reports November unemployment data on Dec. 7, the U.S. jobless rate is likely to rise to 5.6%, says Gerald D. Cohen, a senior economist at Merrill Lynch & Co., New York. In October the overall unemployment rate in the U.S. was 5.4%. Merrill Lynch is projecting an average 5.7% jobless rate for the current calendar quarter -- implying a sharp increase in unemployment in December. For the full year 2002, Merrill Lynch foresees unemployment running 6.3%, beginning with a 6.5% average for January through March. "We believe that companies still have major restructuring, including job cuts, to go through before profitability can be restored," says Cohen.
