Fed officials warn that jobless rate will stay high - Spokane, North Idaho News & Weather KHQ.com

Fed officials warn that jobless rate will stay high

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  • ECONOMY

    Jobless rate tops 10 pct. for first time since 1983

    Jobless rate tops 10 pct. for first time since 1983

    WASHINGTON. - The unemployment rate has surpassed 10 percent for the first time since 1983 and is likely to go higher. >>
    WASHINGTON. - The unemployment rate has surpassed 10 percent for the first time since 1983 and is likely to go higher. Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. Meanwhile, Longtime jobless people and prospective homebuyers will be the main beneficiaries when President Barack Obama signs a $24 billion economic stimulus bill Friday.>>

WASHINGTON. - Don't look for any easing of unemployment over the next several years.

That assessment comes from Federal Reserve officials, who warn that the jobless rate will probably remain high because the economic recovery won't be strong enough to spur a lot of hiring.

The comments from the presidents of regional Fed banks in San Francisco and Atlanta are the first public words from Fed officials since the government reported last week that the jobless rate is now 10.2 percent.

The Fed officials warn that rising unemployment could put a crimp on consumer activity, and restrain the recovery.

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    PHOTO: Brian CrowPHOTO: Brian Crow

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