CBO head says US jobless rate to remain high

WASHINGTON, Aug 19 (BestGrowthStock) – U.S. Congressional Budget
Office head Douglas Elmendorf said on Thursday the U.S. jobless
rate will not drop below 5 percent until 2014 even as economic
growth picks up.

Elmendorf, in a blog entry on the web site, said recovery
from the economic downturn would continue at a modest pace over
the next few years and warned that home vacancies and underused
factories and offices would keep dragging on the economy.
(Reporting by Donna Smith, Editing by Chizu Nomiyama)

CBO head says US jobless rate to remain high