Gates Predicts `Significant Recession,’ More Job Loss
By Daniel at 13 October, 2008, 3:21 pm
By John Lauerman and Rachel Layne
Oct. 13 (Bloomberg) — Microsoft Corp. co-founder Bill Gates said the U.S. economy is headed for a “fairly significant recession,” and that the unemployment rate may peak at more than 9 percent.
Higher personal and governmental debt are contributing to the U.S. economic slowdown, Gates said today in comments at Harvard Business School in Boston. The U.S. unemployment rate climbed to 6.1 percent in August and stayed at that level in September.
Alumni gathering at the business school’s centennial celebration responded to questions about the worst U.S. financial crisis since the Great Depression. The perception of a strong economy led many investors to have unrealistic expectations of high, stable market returns while there were few defaults and other signs of trouble, Gates said.
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