Team Obama admits failure on jobs

April 5, 2010 03:53

White House Braces U.S. for Slow Economic Recovery – but at least healthcare costs will go up


Obama’s economic advisers say the U.S. economy still has ‘a long way to go’ on jobs and Americans face ‘a lot of head winds’ from the financial crisis.

Despite a modest rise last month in employment, the White House on Sunday braced out-of-work Americans for a slow economic recovery.

Obama’s chief economic adviser Lawrence Summers said on a pair of talk shows that a year after the passage of the stimulus bill, the U.S. economy still has “a long way to go.”

Summers said pushing the unemployment rate down from its current 9.7 percent level won’t be easy.

He said Obama was preoccupied with creating jobs. “The trend has turned, but to get back to the surface, we’ve got a long way to go,” Summers said.

The economy added about 162,000 jobs in March, the most in nearly three years. A large percentage of the gains were temporary census workers hired by the federal government, and the unemployment rate held firm at 9.7 percent. The additional 123,000 private-sector jobs were the most since May 2007.


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