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Subject Why More Than 8% Unemployment Could Lie Ahead

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Severe fiscal tightening in the U.S. will lead to no growth or a contraction in the first two quarters of 2013 and will push unemployment over the 8 percent level, according to Lombard Street Research.

The unemployed look for job opportunities at the South Florida Workforce center in Miami, Florida.

The knock-on effect will mean pain for the business sector, with corporate profits falling after a hit to consumer spending power, the firm said.

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[link to www.cnbc.com]

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