It will take time for economy to recover: US
WASHINGTON: Employment data showing 159,000 US jobs were lost in September, well more than expected, was disappointing and it will take time for the US economy to recover from several shocks, the White House said on Friday.
“It’s a disappointing report, but not unexpected given the recent shocks to the economy,” said White House spokesman Tony Fratto. “Everyone should understand that it will take some time for our economy to recover from the housing correction, elevated energy prices, and the credit crisis.” The new data came as the US House of Representatives was poised to vote on legislation later on Friday aimed at rescuing the US financial system, providing up to $700 billion to buy distressed assets from lenders, a move aimed at jump-starting the credit markets. “The best action we can take to limit damage to the economy is to pass the emergency rescue package legislation in the House,” Fratto said. reuters
Home |
Business
|