Even if parts of the economy rebound, high unemployment could continue until next year, according to predictions made by top officials of the Federal Reserve.
Quarterly projections made last month at the Fed's meeting and released today predicted unemployment could be between 9.7% and 10.5% by the end of the year. It is currently 9.5%.
The Fed said "underlying financial conditions remain fragile," as indicated by the large number of job losses and the losses in banks' loan portfolios.
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