Obama: Exit from U.S. Recession Will Last Months
President Barack Obama warned on Saturday that it will take months for the U.S. to fully emerge from recession, even if data on gross domestic product showed that the economic decline was modest in the second quarter.
The U.S. economy has contracted in the second quarter with 1%, below estimates, as the decline of business and investment in the residential sector was tempered significantly, according to government data published Friday, showing a mitigating of recession.
Obama has also said that data on unemployment, which will be published next week, will show that a large number of Americans remain without jobs.
“It will take many months until we get out of the recession that is deeper than we imagined” Obama said in his weekly radio broadcast and on the Internet. He added that economic recovery will not occur as long as jobs continue to be shed.
So while green shoots may be appearing in greater numbers, we can’t call ourselves out of the recession until job growth start to pick up.
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