Greenspan talks about the American economy, October 3, 2009
Former Fed chairman Alan Greenspan has made some predictions about the coming months. His insights into economic matters are legendary, as he was generally credited with managing the American economy through several mild downturns. Alan Greenspan succeeded Paul Volcker in that position, and it was Volcker's policies that initially set the U.S. economy on an unprecedented growth path that extended all the way to the 2000s despite a couple of recessions that were nowhere near as severe as the current one.

[indent]WASHINGTON (CNN) -- The U.S. economy will grow more than expected in the third quarter, but unemployment also will continue to increase and will pass 10 percent, former Federal Reserve Chairman Alan Greenspan said Sunday.

Greenspan told the ABC program "This Week" that he expected 3 percent growth in the third quarter, up from the 2.5 percent he previously predicted. However, he said a "pretty awful" September employment report released Friday showed the jobless rate continued to climb.

A slowing or halt in job losses is different from reversing the rise in unemployment, Greenspan noted, adding that the nation's unemployment rate -- currently 9.8 percent -- is "going to penetrate the 10 percent barrier before heading down."[/indent]

Read the full article here.

I can tell you this recession has affected even the science fiction and fantasy fan community. We (the online fan community) have lost hosting resources (like Geocities and other free hosting services), people are clicking on fewer ads that support fan Web sites, and people are buying fewer books, movies, CDs, and other items that fan Web sites traditionally sell through affiliate programs.

And, of course, many people who have lost their jobs and homes no longer surf the Internet, or they have to surf the Internet more sporadically than they used to.

I feel very fortunate to have a good job at a time like this, and to have skills that I could market in this economy (I work in the search engine optimization industry). When I changed career tracks a few years ago I did so out of necessity, as the programming skills I had relied upon for many years had become all but obsolete. There were just no job listings for people who worked in the programming languages I knew. I might have been able to get one last job in that field, I cannot imagine what I would have done had I waited until now to make the switch.
The very first paragraph made me pause... economic growth yet increasing unemployment...

Wait, Geocities is out??? I used to have a tiny place there ere I started on Blogger.
"A Iluvatarinya! En na pelecco carinyesse!"
"Oh my God! There's an axe in my head!" :worry:
Not out yet but it will be shut down this month, as I understand it.

And, yes, you can have economic growth with increasing unemployment. People work harder in a declining economy to keep their jobs. Although many companies were forced to cut hours from hourly jobs, salaried positions often put in more hours and find other ways to cut costs.

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