WASHINGTON (CNN) - President Barack Obama warned Monday that more job losses should be expected in the months ahead despite recent signs of economic recovery.
He also called for "new models" of economic growth to help avoid a repeat of what he said was the debt-driven expansion of the past.
"We anticipate that we're going to continue to see some job losses in the weeks and months to come," the president said during a meeting with several of his top economic advisers.
There is "always a lag of several months between businesses starting to make profits again and investing again and them actually rehiring again."
Obama also said, however, he's confident "that having moved the economy on the right track ... there's no reason why we're not going to be able to not only create jobs, but the kind of sustainable economic growth that everybody's
looking for."
The White House has highlighted several indicators of economic stabilization over the past week. Among other things, administration officials have argued that the Democrats' controversial $787 billion economic stimulus program helped stave off a depression and spark 3.5 percent growth in the third quarter.
On Friday, the administration released a report claiming the program helped create or saved over 640,000 jobs.
Republicans questioned the validity of the White House report, saying it exaggerated the program's effectiveness. Each new job, critics charged, cost $248,000 to create.
The Commerce Department said construction spending rose unexpectedly in October by almost 1 percent. Economists surveyed by Briefing.com were anticipating a 0.5 percent decline.
Meanwhile, the National Association of Realtors reported pending home sales rose much more than expected, by 6.1 percent, in September. Analysts were looking for a 1.2 percent increase.
Unemployment, however, is currently close to 10 percent, and has continued to rise in recent months.
From CNN Politics
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Why havent these senators extended the unemployment stimulus its ridculous you just wait until election time im putting all those whom voted it down on every blog possible too let the american people know who cares about if you are out of work!
Obama has taken Voodoo economics to a whole new level. He claims to have saved or created 640,000 jobs, yet unemployment figures say that since Obozo was sworn in we've lost 3 million jobs.
We are a small manufacturing company supplying the Detroit 3. We are calling people back to work and scheduling overtime. One department is going on 7 days a week until further notice.
Don't delude yourselves, thanks to outsourcing, deregulation and "free trade" Those jobs are never coming back. We need to fundamentally change the basis of our economy or we're all screwed. We went from agriculture-based to industrial to service to a "transaction-based" economy. We need to come up with something else but quick. At least there's nothing left to steal from what's left of the middle class. Now the rich will have to start eating each other. That will be fun to watch. Really, really fun. Have a nice day!
About $3b spent on bailouts for Citi and GM, and for what result...both file for Chapter 11. Nice job Mr President.
Almost $300b spent through the stimulus package, and for what result...less jobs than when we started. Nice job Mr. President.
Thank's 4 the warning BOZO. Like we didn't see this coming.So glad we have you to tell us what's going on.
Can someone please show me where it is The Executive or Legislative Branches' duty to fix or get the economy on the "right track"?
Thanks
But don't worry, he will save or create even more jobs.
How many people has he saved or created in Afghanistan?
A blunt speaking president talking tothe people in candid terms. George Bush are you watching? Do you understand how this works – being honest with the people who trusted you with the keys to the condo?
It's taken years of misuse and abuse of regulations to get our economy to the point it hit last fall. President Obama said it would be a long haul and would not improve over night. We won't have an instant recovery. I feel he's doing fine with a really bad situation I just wish there had been more oversight as to where the bailout and stimulus money went and how it was used.
"There is always a lag of several months between businesses starting to make profits again and investing again and them actually rehiring again."
Our President understands this, Republicans like John Boehner do not.
The jobs WILL come back. It is not a matter of "if". It is a matter of WHEN.
And when the jobs come back. the Republicans will be in denial about it, just like they are about the fact of climate change/global warming. You'll see.
"the debt-driven expansion of the past"
And what exactly is cash for clunkers and $8,000 home buyer credit?
What an empty, blabbering hypocrite!!!
We will continue to see job loses as long as these greedy companies and CEOs send all the jobs to China and Mexico.
If the administration had facts to back up those employment numbers I would believe them, but they don't.
Obama also said, however, he's confident "that having moved the economy on the right track ... there's no reason why we're not going to be able to not only create jobs, but the kind of sustainable economic growth that everybody's
looking for."
How can he create jobs when there is no indusrty left in this country?
A new job as a hotel maid does not compare with the jobs we sent to China and India.
I guess we could do another cash for clunkers and create more automobile jobs for Japan and Korea with our taxpayer dollars.
President Obama and his economic team have pulled this country back from the abyss. Job growth will take more time, but it will come. Thank goodness we put this man in office and not McCain!
Obummie is just greasing the skids because he knows the GDP number was as a result of the taxpayers paying $24,000 for each car bought during the clunker program. We are in terrible shape and any improvement won't come from the stimulus bill but will only occur when the small businessman gets some tax relief instead of tax increases under Obummie's misguided administration.
"More" job losses, I thought the lying fraud of a coward said the other day (while reading from the binkyprompter of course), uh, uh, uh we have saved or created a million uh, uh, uh jobs.
"Though we have no actual proof, you doubters and cynics will be targetted by my administration as NO cable type chatter or back talk is allowed".
Never has one done so little received so much praise.
"The problem with socialism is eventually you run out of OTHER peoples money".
more change we can believe in ,,,, no jobs ,,, if we dont get this economy going soon were never going to get this country going,,,jobs ,,, jobs,,,, jobs,,,,,no more pie in the sky ,,,
Good grief! If this were GW Bush presiding over this out-and-out disaster, the media would be savaging him.
More" job losses, I thought the lying fraud of a coward said the other day (while reading from the binkyprompter of course), uh, uh, uh we have saved or created a million uh, uh, uh jobs.
"Though we have no actual proof, you doubters and cynics will be targetted by my administration as NO cable type chatter or back talk is allowed".
Never has one done so little received so much praise.
"The problem with socialism is eventually you run out of OTHER peoples money".
How's that "Change and Hope" working for you America?
There are people sitting home today who expect President Obama to personally find them a job.
They are not taking the initiative to find a job or even try to create a job for themselves.
They can also do what I have done for decades: take undesirable jobs such as housecleaning or waitressing to survive.
What else is new, CNN? We people here in America already know about this for some time now. Just because some on Wall Street say that this is improving does not really mean anything is improving on Main Street! But then again rich owners need to keep laying off workers to keep improving their own profits! Few really care about the middle class and poor. just look where all the budget cuts are! Certainly, States and local governments cannot conceive of cutting overpaid "public" servant salaries! Just cut all the services to the mentally ill, homeless, children, and others. Now watch the jails fill up so the high paid contractors can keep getting paid! Then watch all the rhetoric about crime fighting so these same can hire some more cops to "fix" the messes that governments create with such short-sighted policy–All because the already monied could never receive any cuts to their pay. And again the taxpayer always gets to pay! Of course the job market sucks! Capitalists do not worry about us until they will have no one left to buy the junk they peddle made elsewhere!
Is unemployment part of Obama's stimulus plan? I thought that spending billions of dollars that we don't have was supposed to curb the recession. Didn't Obama say that if we didn't have a stimulus, unemployment might get as high as 8%?
This man is wreaking havoc on our country through bad policies, government spending, and a desire to limit freedoms via regulations.