U.S. economy is recovering at a slower pace than expected: Under Secretary of State

08:35, September 09, 2010      

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The U.S. economy is recovering at a slower pace than expected, but the government is making efforts to bring down unemployment and boost the economy, U.S. Under Secretary of State Robert Hormats said Wednesday while visiting China.

The recovery is underway, and over the next several months "we will continue to see an increase in economic activity," Hormats said during an exclusive interview with Xinhua Wednesday while attending a trade fair in Xiamen City in southeast China's Fujian Province.

However, the unemployment rate is much higher than the government's expectation. Long-term unemployment is also a "troublesome" problem for the government. He said measures have been taken to address the problem.

"There is still some stimulus money that was appropriated last year that has not been fully spent. And a lot of that has been used for various kinds of projects that are employing people. So our view is that while unemployment is still high, there are a number of programs underway that, over a period of time, will reduce it", he said.

Meanwhile, U.S. President Barack Obama is calling on the Congress to pass new tax relief worth some 200 billion dollars over two years, which is aimed at increasing hiring.

The president on Monday also unveiled a 50-billion dollar plan to expand and renew roads, railways and airports to boost confidence in the economy.

Hormats also said the U.S. government is working hard to encourage and support the efforts of American companies to increase exports to some larger markets to reduce unemployment and boost the economy.

Hormats is attending the 2nd World Investment Forum and the 14th China International Fair for Investment & Trade (CIFIT) in the southeast China city.

Source: Xinhua


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