Unemployment to dog US economy for years: Fed official

AFP
Tuesday, Nov 10th, 2009

US unemployment, now in the double digits, may remain “high” for several years and dampen economy recovery from a brutal recession, a regional central bank official warned Tuesday.

The United States had experienced so-called jobless recoveries following the previous two recessions in 1991 and 2001, when job creation remained weak for several years following the business cycle trough.

“In both cases, output growth was less robust than in the typical recovery and, unfortunately, things seem to be shaping up similarly this time around,” said Janet Yellen, president of the Federal Reserve Bank of San Francisco.

Unemployment jumped to double digits in October for the first time since 1983, reaching 10.2 percent, although job losses narrowed to 190,000, the government said last week.

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