Unemployment Rate Still Rising: U.S. Economy Weak
May 2009: President Obama Speech on the Economy
Good morning. I want to briefly share some news about our economy, and talk about the work that we're doing both to protect American consumers, and to put our economy back on a path to growth and prosperity. This week, we saw some signs that the gears of America's economic engine are slowly beginning to turn. Consumer spending and home sales are stabilizing. Unemployment claims are dropping and job losses are beginning to slow. But these trends are far from satisfactory. The unemployment rate is at its highest point in twenty-five years. We are still in the midst of a deep recession that was years in the making, and it will take time to fully turn this economy around. We cannot rest until our work is done. Not when Americans continue to lose their jobs and struggle to pay their bills. Not when we are wrestling with record deficits and an over-burdened middle class. That is why every action that my Administration is taking is focused on clearing away the wreckage of this recession, and building a new foundation for job-creation and long-term growth. This past week, we acted on several fronts. To restart the flow of credit that businesses and individuals depend upon, we completed an unprecedented review of the condition of our nation's largest banks to determine what additional steps are necessary to get our economy moving. To restore fiscal discipline, we identified 121 programs to eliminate from our budget.
Economists predicted fall in U.S. economy.
The unemployment rate edged up and private-sector job creation continued at a modest pace in August, the government said Friday, reflecting an economy that is treading water, neither accelerating into a robust recovery nor slipping into another recession.