Economist: Unemployment Going Up to 13%

The U.S. unemployment rate may rise to a post-World War II high of 13 percent in the aftermath of the recession, said David Rosenberg, chief economist at Gluskin Sheff & Associates Inc. in Toronto.

“This is going to be the mother of all jobless recoveries,” Rosenberg, one of the first to forecast the recession in his former position as chief North American economist at Merrill Lynch & Co. in New York, said today in an interview on Bloomberg Radio. “At the beginning of the year, who was calling for unemployment to go up to 10 percent?”