Obama: Expect Jobless Rate to Rise Further
Hiring 'typically lags' after recovery begins
By Matt Cantor,  Newser User
Posted Jul 14, 2009 12:58 PM CDT
President Barack Obama answers questions from the media with Prime Minister Jan Peter Balkenende of the Netherlands today at the White House.   (AP Photo)
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(Newser) – President Obama expects unemployment to continue to “tick up” for a few months, Reuters reports. “We have seen some stabilization in the financial markets, and that’s good, because that means that companies can borrow and banks are starting to lend again,” he said today. But “historically, even after you start moving into a recovery, positive growth, hiring, typically lags for some time after that.”