Geithner: Unemployment Rate Still Rising

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U.S. Treasury Secretary Timothy Geithner says the unemployment rate is still rising.

The news comes after the government announced on Friday that the rate now stands at 10.2 percent.

Over the weekend, Geithner told an international group of finance officials that the job crisis has left consumers and businesses cautious.

"So what we need is sustained period of economic growth in the U.S. and around the world to bring the unemployment rate down," Geithner said. "But that process of growth is now beginning."

"The U.S. economy and the world economy are now growing again, businesses are just starting to invest again. Consumers are now spending. Business and consumer confidence has improved, global trade is now expanding at an encouraging pace," he said.

But despite that growth, Geithner said it's too early to end stimulus measures.

"If we put on the brakes too early, we are going to weaken the economy and the financial system. Unemployment will rise. More businesses will fail. Budget deficits will rise and the ultimate cost of the crisis -- economic cost and fiscal cost - will be greater," he warned.

The last time the U.S. unemployment rate passed 10 percent was 1983.

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