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Jobless rate slow to shrink

Unemployment in the U.S. may hold above pre-recession levels until atleast 2013 as the economic recovery is restrained by Americans payingdown debt and a decline in household net worth, according to theOrganization for Economic Cooperation and Development.

Unemployment in the U.S. may hold above pre-recession levels until at least 2013 as the economic recovery is restrained by Americans paying down debt and a decline in household net worth, according to the Organization for Economic Cooperation and Development.


The rebound in the world’s largest economy from the worst recession since the 1930s has been made easier by fiscal stimulus, monetary policy support and improving financial conditions, the OECD said today in its “Economic Survey of the United States.”


The economy will expand 2.6 percent on average this year and next, slower than in past recessions because of tighter credit conditions and a drop in households’ net worth, the OECD said.

 
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