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US President Obama announced Thursday that the White House will hold a job forum in December, acknowledging high unemployment is one of the “great challenges” facing his administration. Obama said that over the past 10 months, the government has taken bold steps to break the back of this recession. The US economy grew 3.5% in the Q-3 after four consecutive quarters of contraction, but unemployment has continued to climb. “The economic growth that we’ve seen has not yet led to the job growth that we desperately need,” and millions of Americans “are desperately searching for jobs,” Obama said before departing on a week long trip to Asia that ends on Nov. 19. Obama reaffirmed that unemployment, usually a lagging indicator, will improve slower than the economic growth. “Given the magnitude of the economic turmoil that we’ve experienced, employers are reluctant to hire,” he said. Read more

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US President Barack Obama Tuesday announced US$3.4B in grants to help build a “smart” electric grid meant to trim utility bills, reduce blackouts and carry power generated by solar and wind energy. It was the largest award made in one day from the US$787B stimulus package approved by Congress. The White House said the award will create tens of thousands of jobs while upgrading the US Electric Grid. The grants, which range from US$400,000 to US$200M, will go to 100 companies, utilities, manufacturers, cities and other partners in 49 states; every state except Alaska. President Obama made the announcement after taking a tour of an array of 90,000 solar panels that line a grassy plain of cow pastures deep in the muggy heart of Florida, apparently more panels than there are people in Arcadia. Read more

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US Federal Reserve Chairman Ben Bernanke said Tuesday that the country’s economic recession is very likely over at this point. More and more data showed that the world largest economy is pulling out of the worst recession since the 1930s. Bernanke admitted that in responding to questions at the Washington based think-tank Brookings Institution. The central bank chief also expressed his confidence that the Congress will enact a revamp of the nation’s financial rule book to prevent future crisis from happening. “I feel quite confident that a comprehensive reform will be forthcoming,” Bernanke said. In a speech delivered Monday in New York to rethink the one year anniversary of the collapse of Lehman Brothers, President Barack Obama urged the Congress to enact legislation this year. US Treasury Secretary Tim Geither also said recently that it is essential that the financial overhaul should be implemented to avoid future crisis.

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President Barack Obama gave a teaser on Monday of the do-or-die address he will give tomorrow to the joint houses of Congress on healthcare reform. Having gone through the worst month of his presidency, with his approval ratings now at 52%, lower than any other president at a similar stage barring Bill Clinton, according to Gallup, Mr. Obama will need to deliver a game-changing performance when he addresses Congress during prime time tonight. “What are you going to do? What is your answer? What is your solution? And you know what? They don’t have one.” “I have got a question for all those folks (opposing reform),” the fired-up president told a large union rally on Labor Day.

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US President Barack Obama will nominate Ben Bernanke to a 2nd term as Chairman of the US Federal Reserve Tuesday, keeping him on the job of guiding the world’s largest economy out of its deepest downturn since the Great Depression. Bernanke, whose appointment to a new, four-year term as head of the US central bank must be confirmed by the Senate, has flooded crippled financial markets with hundreds of billions of US$s in Fed liquidity and stepped in to attempt rescues of failing financial institutions such as Bear Stearns and AIG. Obama’s Democrats control the Senate, but Bernanke has faced criticism from lawmakers of both parties who say he has gone too far in extending Fed support that will be difficult to unwind, threatening future inflation. Investors have generally given Bernanke high marks on the job and had widely expected him to be kept on by Obama, although the announcement was not expected until later this year.

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US carmaker Ford Motor Co. announced yesterday that it is boosting Q-3 production in North America by another 10,000 units to meet increased demand for its vehicles. According to Ford Americas President Mark Fields, the company’s third-quarter production goal is now 495,000 units, about 18% higher than a year ago. Ford also increased its production targets for the fourth quarter to 570,000 vehicles, a 33% increase over the same period last year. Ford is one of the biggest beneficiaries of the federal government’s “cash for clunkers” program. Its Ford Focus compact has been one of the most popular choices for customers taking advantage of the program, which provides up to US$4,500 to motorists trading in gass guzzlers for new, more fuel-efficient vehicles. Recently US President Barack Obama signed into law a US$2B extension of cash for clunkers program after Transportation Secretary Ray LaHood warned Congress the program was about to use up the initial US$1B allocated by lawmakers.

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