WASHINGTON, July 30 (Xinhua) -- The U.S. economic recovery has been slow and the outlook remains uncertain with rising downside risks, the International Monetary Fund (IMF) said Friday.
"Private demand has been sluggish, while the unemployment rate has receded only modestly from near post-Depression highs," the IMF said in its annual assessment of the U.S. economy and policy response.
U.S. jobless rate currently stands at 9.5 percent, a level that the Obama administration called "unacceptably high." High unemployment makes households reluctant to spend more and constrains private expenditure, which accounts for about 70 percent of the overall economy.
"Looking ahead, risks are elevated and tilted to the downside, with particular risks from a double dip in the housing market and spillovers if external financial conditions worsen," the IMF said after its Executive Board concluded consultations with U.S. authorities.