Obama cools down double-dip recession concern

08:21, June 08, 2011      

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U.S. President Barack Obama (R) and visiting German Chancellor Angela Merkel attend a joint press conference at the White House in Washington D.C., capital of the United States, June 7, 2011. (Xinhua/Ran Wei)

U.S. President Barack Obama said here on Tuesday the U.S. economy will not slip into a double-dip recession as recent data indicate a slower than expected growth in the world's largest economy.

"I'm not concerned about a double-dip recession. I am concerned that the recovery that we're on is not producing jobs as quickly as I want it to happen," Obama said at a joint news conference with visiting German Chancellor Angela Merkel.

"Obviously, we're experiencing some headwinds," Obama said.

According to a report released by the U.S. Labor Department on Friday, the country's unemployment rate edged up to 9.1 percent in May and the nonfarm payroll jobs created in the month were much fewer than in the previous months.

The total number of unemployed Americans stood at 13.9 million, still almost double the level prior to the recession.

The Republicans criticized that the Obama administration's economic policy has failed the country.

Obama said his administration was taking a range of steps to boost the economy, and that the nation is on a path to long-term economic growth. But he also acknowledged that "we've still got a lot to do."

Source: Xinhua
 
 
     
 
 
 
     
 
 
 
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