March 16 (Bloomberg) -- U.S. employers won’t hire enough workers this year to lower the jobless rate much below the level of 9.7 percent reached in February, three Obama administration economic officials said today.
The proportion of Americans who can’t find work is likely to “remain elevated for an extended period,” Treasury Secretary Timothy F. Geithner, White House budget director Peter Orszag and Christina Romer, chairman of the Council of Economic Advisers, said in a joint statement. The officials said unemployment may even rise “slightly” over the next few months as discouraged workers start job-hunting again.
“We do not expect further declines in unemployment this year,” the officials said in testimony prepared for the House Appropriations Committee. They predicted the economy would add about 100,000 jobs a month on average -- not enough to bring the jobless rate down substantially.
Today’s projections are in line with the 10 percent average unemployment forecast for this year in last month’s budget plan. Christopher Rupkey, chief financial economist at Bank of Tokyo Mitsubishi UFJ Ltd. in New York, said the administration’s language risks damping expectations for a recovery.
Read more...
*Black and Latinos Face Longer Prison Sentences
*EU backs Greek austerity as standby aid readied
*Pink slips issued to 23,000 California teachers
*Cancer Costs More Than Doubled in 40-Year Fight
*The Euro will collapse either totally or in part
earlier:
Thailand's red-shirt demonstrators have splashed blood under the gates of Government House in a protest against a leadership they say is illegitimate
Earlier the protesters lined up to donate their blood, as the anti-government rallies entered a third day.
So far the protests have remained peaceful and both sides say they want to avoid violence.
Thai Prime Minister Abhisit Vejjajiva on Monday rejected a demand from protesters to quit and call elections.
The stand-off is the latest in a deep political schism in the country linked to the 2006 military coup which deposed former leader Thaksin Shinawatra.
Read more...
*Stevens weighs summer retirement from Supreme Court
*Governors feel left out on health care
*Bacteria On Your Fingertips Could Identify You
*Senator Kaufman: Fraud Still at the Heart of Wall Street
*Thirty-one percent of Americans believe Toyotas unsafe
*Magnitude 4.4 quake rattles Los Angeles
