WH Budget Director: Unemployment Expected to Worsen
A top Obama administration official told an audience of New Yorkers they should expect the economy to feel like it's getting worse for a while, even if it's actually improving. Peter Orszag, the Director of the Office of Management and Budget, says that's been the pattern for every recent recession.
ORSZAG: as the economy picks up, jobs are ultimately created, and those who are unemployed will go back to work. Unfortunately, that process takes time.
REPORTER: Orszag spoke at NYU's Wagner School of Public Service. He said he expects September unemployment numbers, due out later this week, to show further job erosion.