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Strategies & Market Trends : Booms, Busts, and Recoveries
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From: Haim R. Branisteanu1/30/2010 6:17:28 AM
   of 74559
 
US's Summers Talks Of Focus On Employment

By Neal Lipschutz
Of DOW JONES NEWSWIRES

DAVOS, Switzerland (Dow Jones)--The U.S. is experiencing a statistical economic recovery but a "human recession," said Lawrence H. Summers, a key adviser to U.S. President Barack Obama.

Speaking on a panel at the annual meeting of the World Economic Forum here, Summers said news of a 5.7% growth rate in gross domestic product in the U.S. for the fourth quarter was gratifying. He said he and others expect U.S. GDP to expand at at least a moderate rate for the next several quarters.

The key problem is the "disturbing" level of unemployment in the U.S., Summers said. He said job creation was an issue of "primacy" for President Obama.

Summers, director of the National Economic Council, said now one in five U.S. men aged 25 to 54 are unemployed. He said given a "reasonable recovery," that rate could improve to one in seven or one in eight. That still contrasts with a 95% employment rate for that group in the mid-1960s.

Summers said another issue of "primacy" was keeping the flow of credit going to medium-sized businesses in the U.S.

He said the U.S. can gain from increased global integration, but if it is to be politically sustainable it "has to work for people." That means job creation in the U.S. is a crucial issue.

-By Neal Lipschutz, Dow Jones Newswires; neal.lipschutz@dowjones.com; 212-416-2285
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