Geithner says unemployment will remain elevated

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U.S. Treasury Secretary Timothy Geithner and other top Obama administration officials on Tuesday called the U.S. unemployment rate “unacceptable” and urged lawmakers to support the president’s efforts to spur job creation and overhaul the financial regulatory system.

In testimony before the House Appropriations Committee, Geithner along with other top officials said they don’t expect to see job growth “substantially over 100,000 per month” for the rest of the year, and that “the unemployment rate is likely to remain elevated for an extended period.”

“The current unemployment rate of 9.7 percent is unacceptable by any metric,” Geithner, White House Director of the Office of Management and Budget Peter Orszag and Council of Economic Advisers Chair Christina Romer said in a written joint statement.

Full story: Geithner: Unemployment Likely To Remain Elevated – DOW Jones Newswire via