White House Press Secretary Dana Perino issued the following statement Friday:
Today’s job report reflects the sharp slowdown in economic activity caused by problems in the housing and credit markets. Monthly job losses have been nearly six times higher since problems in the financial markets worsened in September. Understanding how severe the problem was, the President worked aggressively to address the root causes of the current economic problems, and he signed an additional expansion of unemployment insurance benefits to help more Americans weather the downturn. The administration has taken bold and decisive actions to help the economy, but those actions will take time to have their full effect. Americans can have faith that the economy can return to growth and job creation this year.
Related: 2.6 million jobs lost in 2008