WASHINGTON — High US unemployment, which has lagged in an otherwise recovering economy, likely will begin rebounding early next year, US Treasury Secretary Timothy Geithner said Sunday.
"Economists say... that they think you'll start to see net jobs created at the beginning of the year," Geithner told NBC television, adding that the US economy could see jobs added "in the first quarter some time."
The US economy is suffering the deepest recession in decades with crushing unemployment of just under 10 percent.
Officials said the US employment picture might have been even worse, and released data last week showing that President Barack Obama's economic stimulus plan has so far saved or created more than one million jobs.
The figures show 650,000 jobs were directly saved or created up until September 30. Since the survey data only accounts for half the spending during that time, officials say the true figure of jobs created is over a million.
Opposition Republicans however, accused the president's team of fudging the facts and concocting a "fantasy world" to disguise the failure of the stimulus plan, passed in the first months of Obama's presidency.