
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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