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Unemployment Up to 9.9%: Betting Market Grim Forecast

Written by:

Aaron Goldstein

Published on:

May/07/2010

The economy added a net 290,000 jobs but that didn't stop unemployment from going up to 9.9% from 9.7% last month.

The unemployment rate rose in April, mainly because a flood of 805,000 jobseekers -- perhaps feeling better about their prospects -- resumed their searches for work.

Many economists have predicted the unemployment rate would rise as people come back into the labor force. The jobless rate hit 10.1 percent in October, a 26-year high. The rate could climb back up to the 10 percent range in the months ahead, said Joel Naroff, president of Naroff Economic Advisors.

The betting exchange market painted a more grim picture.

At the online betting exchange, intrade.com, most were backing a 10.5% to 10.75% year-end unemployment rate.

Only a small number of gamblers believed unemployment would be under 9.5% by year's end.

A rather high number of people were betting on 11 percent or greater unemployment.

Aaron Goldstein, Gambling911.com

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