US jobless rate to hit 10 per cent: Obama

12/05/2018 Posted by admin

WASHINGTON – US President Barack Obama says unemployment is expected to hit 10 per cent this year as companies cut payrolls to cope with prolonged recession. Asked whether the jobless rate, which surged to a 26-year high of 9.4 per cent in May, would reach 10 per cent, the President said: “Yes.” Queried whether the double-digit rate would occur this year, Mr Obama also replied in the affirmative but added that jobs would continue to be lost even as the recession eased.
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