Economist Nouriel Roubini of New York University is a legend as "Dr. Doom," the expert who forecast the Great Recession more than a year before it happened.
So many people will note with dread gloomy comments Roubini made at a conference of hedge fund managers in New York today. The U.S. economy will slow in the second half of the year and unemployment will remain sticky at its current, nearly double-digit level.
Bloomberg News reports:
Roubini, who spoke at the Bloomberg Markets Hedge Fund Summit today in New York, predicted the unemployment rate will end the year at 9.7 percent, where it was in March.
"The job losses are going to stay with us for a very long period of time," he said. "Unemployment is going to remain high."