Obama says new job growth report encouraging

10:13, May 08, 2010      

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U.S. President Barrack Obama gives a speech on employment in Washington, U.S., May 7, 2010. The U.S. unemployment rate rose to 9.9 percent in April as nonfarm payroll employment increased by 290,000, the Labor Department reported Friday. (Xinhua/Zhang Jun)

U.S. President Barrack Obama said on Friday that addition of 290,000 jobs in April was "very encouraging news."

"We've got to be mindful that today's job numbers while welcome leave us with a lot of work to do," Obama told reporters at the White House. "It's going to take time to achieve the strong and sustained job growth that is necessary."

U.S. unemployment rate rose to 9.9 percent in April as nonfarm payroll employment increased by 290,000, reported the Labor Department on Friday.

Meanwhile, Obama also said that he and German Chancellor Angela Merkel had agreed on the importance of a strong policy response to the European debt crisis.

"We agreed on the importance of a strong policy response by the affected countries and a strong financial response from the international community," Obama said.

"I made clear the United States supports these efforts and we' ll continue to cooperate with European authorities and the IMF during this critical period," he added.

As to an unprecedented sharp market plunge on Thursday, Obama vowed his administration was probing "unusual" stock market activity and would act to protect investors.

"The regulatory authorities are evaluating this closely with a concern for protecting investors and preventing this from happening again and they will make findings of their review public along with recommendations for appropriate action," he said.

Earlier Friday, senior White House economic adviser Christina Romer also said the Treasury Department was concerned about the market drop and was "going to be investigating."

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