Geithner Touts Recovery But Predicts Slow Job Growth
Treasury Secretary Timothy Geithner said today that the six consecutive quarters of economic growth indicated that there is little chance the economy will experience a double dip recession.
Geithner, who made his comments during a conversation with television talk show host Charlie Rose at the World Economic Forum in Davos, Switzerland, also said he would "not put inflation at the global level on the high list of concerns.''
He made his comments on the same day that the Commerce Department announced that its initial estimate for the last quarter of 2010 is that the nation's Gross Domestic Product grew at an annual rate of 3.2%. The annual growth rate for 2010 was 2.9%, the department reported.
But Geithner wasn't optimistic that job growth will resume at a healthy enough pace.
He said that during the recession many companies cut jobs with "brutal force,'' and this will "consign us to a tragically more moderate reduction in unemployment as the economy recovers.''