Unemployment Rate Rises to One-Year High
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Unemployment in America probably rose to a one-year high in September and manufacturing slowed for a third month as the housing recession reverberated through the economy, economists said before reports this week. The jobless rate rose to 4.7% even as hiring rebounded, according to a Bloomberg News survey of economists before an October 5 government report. Industry data is forecast to show factories expanded at the weakest pace in six months. Fallout from rising borrowing costs and declining home prices will hit the economy in full force in the fourth quarter as consumer spending fades, economists said. Waning demand may prompt companies to scale back hiring and investment.
