Cleaning & Restoration Breaking News

Snow Says Jobless Rate Has Not Yet Peaked

June 17, 2003
/ Print / Reprints /
ShareMore
/ Text Size+
NEW YORK (Reuters) - Treasury Secretary John Snow said on Tuesday the U.S. unemployment rate is "unacceptably high" and may rise further before improving later this year.

Speaking at a conference sponsored by Money magazine, Snow said an expected pickup in economic growth in the second half should soften current high rates of joblessness.

"Unemployment is unacceptably high at 6.1 percent (in May) but it could well rise to 6.2 or 6.3 percent before the higher growth rates begin to bring it down," Snow cautioned.

In prepared remarks, Snow said recovery prospects "are looking better and better," then answering questions, he played down worries about the lofty U.S. trade deficit with the rest of the world.

"The current account deficit is something to be monitored for sure but nothing to be alarmed about," Snow said. The current account is the broadest measure of U.S. trade because it includes both goods and flows of capital.

He acknowledged that finance ministers from other nations have raised the U.S. trade deficit -- now approaching 5 percent of the value of total gross domestic product -- as a worry but said he has a ready response.

When asked about it, Snow said, "I suggest to them how much less do you want to sell to us," since a higher U.S. deficit reflects the fact that other nations are exporting heavily into the U.S. market.

He repeated that, in the wake of reported irregularities in accounting at Freddie Mac (FRE.N), the No. 2 U.S. mortgage finance provider, and the removal of several of its top officers, it appeared such government-sponsored enterprises needed tougher regulation.

"It's an issue that needs to be looked at," Snow said. "We have been consistent in terms that the GSEs should be subject to greater transparency ... and oversight."

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Most cleaners rely on their online marketing presence to get jobs. But Google hasn't made things easy lately with their algorithm updates, which has impacted a lot of cleaning sites. Here's a look at some tips and suggestions to improve your Google ranking.
More Podcasts

ICS Cleaning Specialist Magazine

Cover Image

2014 June/July

The June/July issue of ICS features stories on add-on services, carpet repair, cleaning silk rugs and ranking websites on Google.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo