White House Foresees 10 Percent Unemployment Before Year End
Thursday July 02, 2009 18:53:00 EDT

(RTTNews) - With new labor department figures showing the unemployment rate creeping up to 9.5 percent, the White House said Thursday things are likely to get worse before it gets better.

Press Secretary Robert Gibbs said that although the President's economic stimulus and recovery package is working to slow the rate of job loss, unemployment was likely to hit 10 percent in the next few months.

"In the next two to three months I think it's quite clear that we'll hit that number," Gibbs said. "You've got to create about 150,000 jobs a month simply to have the rate stay at the level that it was the previous month."

He added, "So, yes, I think ??? we're definitely headed toward 10 percent."

Gibbs stressed the seriousness of the financial and economic cri (continued...)