Obama not worried about double-dip recession
President Obama said today he's concerned about last month's slow job growth, but he's not concerned about the economy sinking into another technical recession.
"I'm not concerned about a double-dip recession," Mr. Obama said at a joint press conference at the White House with German Chancellor Angela Merkel. "I am concerned the recovery we're on is not producing jobs as quickly as I'd like."
Last week's jobs report from the Labor Department showed that the unemployment rate rose to 9.1 percent in May. Employers hired only 54,000 new workers last month, the fewest in eight months.
"We don't yet know whether this is a one-month episode or a longer" problem, the president said. Consumers are currently experiencing "headwinds" like high gas prices, he said, to which his administration has responded with steps to try and stabilize the international oil market.
Mr. Obama pointed out today that prior to this latest disappointing report, the U.S. economy experienced three months of robust growth. He pointed to additional signs of economic recovery, such as the rebound of the domestic manufacturing sector.
But, he said, "We've still got some enormous work to do."
A new Washington Post-ABC News poll shows that nearly six in 10 Americans believe the economy hasn't yet recovered from the recession.
The president said job creation is at the top of his mind every day and that his administration has taken steps that have already helped, such as the payroll tax cut instituted.
In order to deal with more long-term competitive challenges, he said, Washington will have to invest in areas like energy and education, reform the tax system and get a handle on the national debt and deficit "in a way that's balanced and sensible."
"We are on the path to recovery, but it's got to accelerate," Mr. Obama said.
