Nouriel Roubini: Unemployment Will Rise Through 2010 (VIDEO)
Nouriel Roubini, the chairman of RGE Monitor, appeared on CNBC this morning and had more warnings for those expecting a brisk economic recovery from the recession.
For one, Roubini said, "the labor market is still awful in the U.S. and advanced economies." He also added that the U.S. consumer is "shopped out"
Regarding unemployment, Roubini was equally bearish. When asked whether or not unemployment in the U.S. is heading upwards of 10 percent -- it currently stands at 9.5 percent -- Roubini said that he sees unemployment increasing through much of 2010.
Here's more from Roubini:
"Not just [unemployment] going to go above 10 percent but the risk is it's going to stay above this level and return to more normal only more gradually and that's going to be one of the important sources of weakness for an economic recovery."