PALO ALTO, Calif. (KCBS) -- GDP numbers released on Friday are showing a much slower rate of contraction than the previous quarter.
Although many economists are pointing to this as a sign of improvement, Stanford University's Greg Rosston said unemployment figures are still worrisome for the economy.
KCBS' Margie Shafer Reports
"Right now, we had unemployment about a year ago in June of 2008 was 5.6 percent," he said. "It's 9.5 percent now. That's a 4 percent jump in a year. And it's probably going to go above the magical 10 percent level."
Rosston heads Stanford University's Institute for Economic Policy Research and said the recovery will probably be slow for the job market.
He also said that 20 percent of the GDP in the second quarter was from government spending, most of which was from the stimulus package.
(kmi)
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