New York (CNNMoney.com) – Treasury Secretary Tim Geithner said he expects the unemployment rate to remain "unacceptably high" for a long time, even as the economy recovers and job growth slowly resumes.
"I think the key thing that's going to happen is the economy's going to start creating jobs again," Geithner said in an interview aired Thursday on NBC's "Today." "But the unemployment rate is still terribly high, and it is going to stay unacceptably high for a long period of time."
The comments came ahead of the government's monthly jobs report, which is due Friday. That report is expected to show that U.S. employers added 190,000 jobs in March, but the unemployment rate remaining at a persistently high 9.7%.
"It is going to take a long time to bring it down because of the damage of the recession," Geithner said of the jobless rate.
Did tax cheat enforcer check with tax cheat rule maker Rangel on his thoughts about unemployment?