ANN ARBOR, Mich. — Federal Reserve Bank of Chicago president Charles Evans on Thursday said that despite an expected growth rate of about 3% over the next 18 months, the United States’ recovery is likely to be “unsatisfactory” in 2010 as the unemployment rate remains around 9.5% to 10%.

Unemployment will remain high for an extended period of time, he said, pointing out that businesses have just gone through a “tortuous” period, and many of them have put a lot of thought into the cutbacks they’ve made.

While job “destruction” is likely over, rehiring is going to be slow, Evans said.

— Market News International

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