In reality, an industrial economy like the one in the US would need to consume more and more oil in order to keep an upward trend towards growth.

 

April 02, 2010 (Hamsayeh.Net) - US unemployment rate will continue to remain at nearly 10 percent for a foreseeable future.

 

This is the opinion of the US Treasury Secretary Timothy Geithner who warned that despite some improvements in the economy the country’s unemployment level would stay the same for a long time.

 

‘The unemployment rate is still terribly high and it's going to stay unacceptably high for a long period of time,’ he said on a TV show on Thursday. Geithner did not explain why the so-called world’s largest economy is having such severe unemployment problems to begin with.

Most Washington think tanks believe, the low value of the Chinese currency the yuan is to be blamed for loss of American employment in manufacturing sectors.

 

The US Treasury Secretary expressed some baseless optimism that the economy is going to improve, saying: ...the economy's going to start creating jobs again… [it's] growing now, that's the first step and with growth jobs will come. 

 

In reality, an industrial economy like the one in the US would need to consume more and more oil in order to keep an upward trend towards growth. But given the fact that oil supply has become flat and it is going to decline further in the future, there’s really no chance that the economy will

pick up its pre-recessionary growth level.

 

 

Minority groups suffer most from unemployment. African-Americans and Hispanics experience massive unemployment across the US. Official government unemployment figures for African-Americans stands 15.8 percent, the Hispanic’s is 12.4 percent and 8.8 percent for the whites.

 

Actual unemployment figures are normally twice as high as the official government statistics.