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John Ryding: Unemployment to peak out in 4-5 months
Interview of John Ryding, Chief Economist of RDQ Economics. He painted a more optimistic picture of US unemployment outlook. For the economy to create jobs, weekly initial jobless claims need to come down to 400k range from the current 500k. The recent decline is 5,000 claims per week, so it will take 20 weeks to reach 400k level. Then unemployment rate will come down.
The question is how fast the job creation will be. It’ll be a big problem for the US economy if 9-10% unemployment rate stays there for a long time.