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U.S. Unemployment Not to Peak Until 2011 Says Krugman

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Unemployment in the United States will peak only in early 2011 because of a slow and painful recovery from the global economic crisis, Nobel Prize-winning economist Paul Krugman said on Wednesday. Reuters says the U.S. unemployment rate jumped to a 26-year high of 9.7 percent in August, according to U.S. Labor Department data. Krugman, who received a Nobel Prize for economics in 2008, said the acute phase of the global crisis had passed but the recovery is likely to feel like a "continuing
SOURCE:   Reuters