Obama expects unemployment to keep rising for more months to come.
President Barack Obama said Tuesday he expects the U.S. unemployment rate to keep on rising even if the economy gradually recovers from the worst recession in decades.
''How employment numbers are going to respond is not year clear,'' he told reporters. ''My expectation is that we will probably continue to see unemployment tick up for several months.''
The U.S. jobless rate climbed to 9.5 percent in June, the highest in nearly 26 years as employers cut 467,000 nonfarm jobs amid the protracted recession for a record 18th consecutive month of decline.
The unemployment rate is expected to reach double-digits later this year.
Obama said the creation of jobs that pay good wages is the ''single biggest challenge'' in the recovery for the United States and countries around the globe.
He defended his multi-pronged policy agenda of trying to overhaul health care, energy, infrastructure and science as vital for real economic growth.
''Those foundations are so critical because we've got to find new models of economic growth, particularly at a time when consumers are just not going to probably be spending as much as they were,'' Obama said.
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|Publication:||Asian Economic News|
|Date:||Jul 20, 2009|
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