US banker warns of long, slow recovery

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Richard Fisher, president of the Dallas Federal Reserve Bank, said: "We are likely to see a prolonged period of sluggish economic performance and uncomfortably high unemployment as businesses reallocate capital and labour to fit the new economic landscape."

His comments came as figures in the US were set to show unemployment soared again last month to an uncomfortably high rate of 9.5%.

Fisher said he was "praying" that unemployment did not hit or exceed the 10% level.

He warned that fears over job cuts and pressure to cut debts will hamper consumer spending for some time to come.

"The worst may well be over for household consumption," he said, adding: "Households and businesses will focus on shoring up their savings and balance sheets rather than spending money. For consumption, that translates into a slow crawl out of purgatory."