Romer: "Severely elevated" joblessness will continue in recovery

10/23/2009 | Google

Unemployment in the U.S. will continue to increase for two more quarters and "remain at its severely elevated level" even after the recession ends and the economy returns to growth, said Christina Romer, chairwoman of President Barack Obama's Council of Economic Advisers. At the early stages of the recovery, growth won't be strong enough to have an effect on joblessness, she told the Joint Economic Committee of Congress. "Consistent with the recent cyclical pattern, the unemployment rate is predicted to continue rising for two quarters following the resumption of GDP growth," she said.

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