As the U.S. unemployment rate increases--at 6.5 percent, it has reached a 14-year high--and President Bush's tenure winds down, all eyes are on President-elect Barack Obama and the Democratic Congress set to take the reins in Washington in January. Will the new leadership provide relief?
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The U.S. unemployment rate edged up to 5.7 percent in July, hitting a four-year high. But some say the number conceals the true toll of the fickle economy, which can be seen in people forced to work part time because their hours were cut, or they couldn't find full-time employment.
Today's release of current unemployment rates may be more unwelcome news reminding us of a rickety economy, but the skies could grow darker still. Goldman Sachs forecasts that the U.S. unemployment rate will peak at 6.4 percent late in 2009 before improving, meaning the painful process of shedding jobs may be only half-way done.
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