( Natural News ) Unemployment in the U.S. will rise to 5.6 percent by the end of 2023, warned Bank of America (BofA). Its prediction followed Federal Reserve officials who expressed belief that the central bank’s interest rate target will approach five percent next year.
A research note from BofA’s U.S. economics team headed by chief economist Michael Gapen stated that higher interest rates will make “a harder landing” more possible. The bank had been predicting a five percent unemployment rate for 2023, so the revised prediction amounted to a 12 percent increase.
Unemployment was at 3.7 percent in August […]
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