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Obama: unemployment may stay high "for some time"

Published 05/20/2009, 11:05 AM
Updated 05/20/2009, 11:08 AM

WASHINGTON, May 20 (Reuters) - President Barack Obama said on Wednesday the U.S. economic situation was stabilizing but warned the country faced the prospect of higher unemployment for some time to come.

"We expect that there is going to be some stabilizing in the economy, some traction, and the engines of the economy will start to turn again," Obama said at a White House meeting with an economic advisory panel.

"The concern that we have is, even in a stabilized situation, there's the prospect of higher unemployment for some time to come. So I've been really pushing my economic team around the issue of job creation."

(Editing by Sandra Maler)

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