Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

Russia's 'Paris Hilton' launches 2018 presidential bid

Read more

BUSINESS DAILY

China's third quarter GDP growth meets expectations

Read more

THE INTERVIEW

Civil rights leader slams Trump over slain US soldier controversy

Read more

IN THE PAPERS

Space kitty: Should Félicette, the first cat in space, get her own statue?

Read more

MEDIAWATCH

French counter-terror law slammed for weakening human rights

Read more

THE DEBATE

One-man rule? China's Xi Jinping consolidates grip on power

Read more

FOCUS

See you in court: Washington state sues Monsanto over chemical pollution

Read more

ENCORE!

Film show: 'Detroit', 'Kingsman 2', 'Beauty and the Dogs'

Read more

MIDDLE EAST MATTERS

Meeting Mohammad Alqadi, the Palestinian marathon man

Read more

Americas

Obama confident of recovery despite worrying jobs data

Text by News Wires

Latest update : 2010-07-02

President Barack Obama on Friday was upbeat about the state of the economy, declaring that it was headed in the right direction despite data showing that the economy lost jobs for the first time since December last month.

AFP - President Barack Obama said Friday the US economy was headed in the right direction, but not quickly enough, after new jobs figures added to fears the recovery was slowing.

Obama put a positive spin on monthly Labor Department figures that showed the economy lost jobs for the first time since December, with 125,000 posts disappearing last month, mainly due to a cut in temporary census jobs.

"Our economy has created nearly 600,000 private sector jobs this year," Obama said.

"Make no mistake, we are headed in the right direction but ... we are not headed there fast enough for a lot of Americans. We are not headed there fast enough for me either."

Obama promised to do everything he could do to create jobs, as the swollen unemployment figures remain a huge issue in November's looming mid-term congressional elections.

In one bright spot for Obama, the unemployment rate fell to 9.5 percent from 9.7 percent, though that figure was largely due to people leaving the labor market as a result of pessimism about the economy.

The number of unemployed fell to 14.6 million but the loss of 125,000 jobs will add to worries that the economic path ahead will be bumpy.
 

Date created : 2010-07-02

  • USA

    US Senate passes $10 billion emergency unemployment measure

    Read more

  • USA

    Unemployment figures dash hopes for growth in US economy

    Read more

COMMENT(S)