News / USA

Obama: Economy Headed in Right Direction

TEXT SIZE - +

President Barack Obama says the latest employment figures show the U.S. economy is headed in the right direction, but more needs to be done to put Americans without jobs back to work.  

The U.S. economy lost 125,000 non-farm sector jobs during the month of June.  That figure reflects the end of some 225,000 temporary U.S. census worker jobs.

The Labor Department reported a decline in the overall unemployment rate which dropped to 9.5 percent from 9.7 percent, the lowest level since 2009.

While the private sector gained 83,000 jobs, the figure was below levels from the previous two months.

President Obama recognized the mixed nature of the latest figures.  He said they show the economy is headed in the right direction, with the sixth consecutive month of private sector job growth.

But he also recognized that for millions of Americans, the economy is not being fixed fast enough.

"We're not headed there fast enough for a lot of Americans," he said.  "We're not headed three fast enough for me either.  The recession dug us a hole of about eight-million jobs deep, and we continue to fight headwinds from volatile global markets," said the president.

Saying a lot of work remains to repair the economy and get people back to work, the president announced a new initiative to expand broadband Internet service to U.S. communities with no access.

The government estimates that 66 projects involved in this would create about 5,000 short-term construction and installation jobs, with additional longer term economic gains.

The head of the president's Council of Economic Advisers, Christina Romer, said the latest figures demonstrate the magnitude of the damage from the recession.

Addressing Americans still looking for work, President Obama pledged that he and his administration will do everything possible to create jobs and opportunity.

President Obama spoke at the beginning of the U.S. July 4th holiday weekend, a time he said should remind Americans that they have never backed down from a challenge and will make it through tough economic times.

The president will spend part of the July 4th weekend at the presidential retreat at Camp David in Maryland, but is expected to return to the White House on Sunday.

You May Like

Report: MI5 Tried to Recruit Woolwich Murder Suspect

Suspect's friend, arrested Friday, told BBC Michael Adebolajo had been approached by British security service months ago to work as informant More

Kerry Calls on Nigeria to Stop Human Rights Abuses

After meeting with Nigerian president, US top diplomat welcomes Abuja’s efforts to investigate, reign in excesses by troops fighting Boko Haram militants More

Vintage Apple Computer Sells for $671,400

Auctioneer says buyer is from 'Far East' and wishes to remain anonymous More

Pakistan Reiterates Opposition to US Drone Strikes

Day earlier US President Barack Obama justified 'constrained' drone usage to save lives More

Study Identifies Risks of Human Spread of H7N9 Bird Flu

Study suggest that international measures to contain the H7N9 influenza, in the event of severe outbreak, will need to be targeted in Asia More

Violence Continues in Conakry Over Upcoming Elections

Opposition has called for boycott of elections More

Video Syria's Civil War Fuels Violence in Iraq

Analysts say al-Qaida-linked militants are flowing back and forth from both countries More

Video Star Trek Influence Lives Long and Prospers

As new movie thrills, many are once again discussing the iconic franchise's influence on society, science and technology More

OECD: Developing Green Cities Key to Sustainable Future

OECD suggests strategies to mitigate rapid growth, industrialization in urban centers, which produce about two-thirds of greenhouse gas emissions More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Video

Video Volunteers Help Revive LA's Concrete River

The Los Angeles River is a concrete drainage channel through much of its 80-kilometer length. It channels waste-water from storm drains and has become a receptacle for much of the city's trash. But as Mike O'Sullivan reports, the river is slowly being restored with the help of volunteers, who take part in an annual clean-up.