Slow-motion recovery keeps unemployment high

WASHINGTON (AP) — High unemployment isn't going away.

The slow-motion pace of economic growth shows the recovery isn't vigorous enough to generate enough jobs for 15.3 million unemployed people. And a still-elevated number of new filings for jobless benefits suggests layoffs continue to complicate the problem.

Two government reports today offered new evidence on all of those fronts.

For many Americans, it doesn't feel much like a recovery.

The unemployed face fierce competition for job openings. Those with jobs are watching their paychecks shrink. A growing number of people are at risk of falling into foreclosure. And people with only the most stellar credit are likely to get a new loan.

"We're out of recession, but the recovery is not going to bring a whole lot of smiles," said Joel Naroff, of Naroff Economic Advisors.