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Obama: Jobs "lag economic recovery"

Obama: Jobs "lag economic recovery"

Obama: Jobs "lag economic recovery"
Hiring always lags economic recovery in a downturn, president Barack Obama has informed the US labor market.

Outlining his administration's priorities, the 44th US president explained that building a sustainable economy and reducing unemployment should be the focus of the private sector and Congress in the months ahead.

During a meeting of economic advisors, president Obama said that job losses will continue for the foreseeable future as the country's employment situation is not where it needs to be at the moment.

Unemployment in the US reached 9.8 per cent in September, which is the highest figure recorded since 1983.

Setting expectations for the imminent prospect of double-digit joblessness, Obama said: "We've got a long way to go."

These comments follow the publication of official economic data last week revealing that US gross domestic product grew by 3.5 per cent in the third quarter of 2009, which is the first increase recorded in more than a year.ADNFCR-1275-ID-19440338-ADNFCR

Posted: 04 November 2009 12:15:00
Filed under: North America
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