Geithner: US Job Growth Not Likely Until Spring
By Alec Rivera
Published: December 23, 2009
Reuters reports that Treasury Secretary Tim Geithner said that, while the economy is recovering, it will be difficult for those out of work to find jobs before Spring. Geithner also said that optimism and confidence in American citizens has significantly and understandably declined. He was careful to stress, though, that the worst was over.
Secretary Geithner also elaborated that confidence was beginning to rise again as economic news begins trickling in. December unemployment numbers will not be released until early January, but it is expected that unemployment will remain steady or decline. Also, markets and businesses have been recuperating since mid-Summer.
“Most economists would say that, by the spring, we’ll have positive job growth,” Geithner said in an interview on ABC Television’s “Good Morning America,” conceding that it is unlikely there was any job growth in December.
“The economy’s growing, it’s getting better, getting stronger, and I think most people would say the economy is strengthening going into the end of the year … but the key thing is when do we get job growth back,” he said.
Since September 2007, when the U.S. economy slipped into recession, 7.2 million jobs have been lost as businesses from Wall Street to manufacturing companies slashed payrolls.
There were dramatically fewer job losses in November than expected, when employers cut employment by 11,000. But the unemployment rate still is 10 percent, and Geithner said regaining job creation was vital for recovery.
The economic recession the world is not exiting took a major toll on business, finance, and everyday citizens. As the economy exits the economic meltdown, it is necessary that job growth occur or the recovery will never be in full-swing.
Photo (via Cleveland Ohio Business News)