Waiting for unemployment to drop? Don’t hold your breath

The economy won’t truly recover from this recession until unemployment finally begins to fall. Unfortunately, it doesn’t look like that’s going to happen any time soon.

U.S. Treasury Secretary Timothy Geithner last week said that unemployment in the United States may not peak until the second half of 2010.

For those of you looking for jobs, that means that the competition for available positions will continue to be extremely tough for the foreseeable future.

There are some good signs about the economy right now: Housing sales are slowly, but steadily, increasing again. The stock market has been solid. New housing starts are up. The economy is no longer shrinking as rapidly as it was earlier this year.

Still, until the nation’s unemployment rate begins shrinking any economic recovery won’t feel much like one. It’s hard to feel good about the economy when you’re out of work, or if you fear that you’ll be out of work at any moment.

And that’s the kind of economy we have now.