The Wall Street Journal
July 14, 2009
[efoods]WASHINGTON — President Barack Obama warned Tuesday that the U.S. jobless rate, already at its highest level in more than a quarter century, is likely to worsen for several months.
“My expectation is that we will probably continue to see unemployment tick up for several months,” Mr. Obama told reporters after a meeting with Dutch Prime Minister Jan Peter Balkenende.
Unemployment stood at 9.5% nationwide last month, a rate that has prompted calls for additional stimulus measures, as well as criticism that the earlier $787 billion package has so far failed to create jobs. Mr. Obama, who has said he believes joblessness will soon hit 10%, will visit Michigan later Tuesday, a state already dealing with double-digit unemployment.
While he said he doesn’t have a “crystal ball,” Mr. Obama said he anticipates unemployment will follow historical trends and lag “for some time” even after an economic recovery begins.