Cautious Obama Welcomes Jobs Reports President Obama on Friday welcomed the July jobs report, saying it showed the worst "may be behind us." He cautioned, however, that there would be no true recovery as long as the economy continued to shed jobs. The nation's jobless rate fell in July to 9.4 percent, the first dip since April 2008.
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Cautious Obama Welcomes Jobs Reports

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Cautious Obama Welcomes Jobs Reports

Cautious Obama Welcomes Jobs Reports

Cautious Obama Welcomes Jobs Reports

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President Obama on Friday welcomed the July jobs report, saying it showed the worst "may be behind us." He cautioned, however, that there would be no true recovery as long as the economy continued to shed jobs. The nation's jobless rate fell in July to 9.4 percent, the first dip since April 2008.

MELISSA BLOCK, host:

President Obama talked about the new jobs numbers today. He characterized the loss of another quarter million jobs as something of a success story.

President BARACK OBAMA: Today, we're pointed in the right direction. We're losing jobs at less than half the rate we were when I took office. We've pulled the financial system back from the brink and a rising market is restoring value to those 401Ks that are the foundation of a secure retirement.

BLOCK: The economy has lost 6.7 million jobs since the slide began a year and half ago. So far, it's hard to know how to balance that against the presidents pledge to create or save 3.5 million jobs by the year 2011. Today, the president said the worst may be behind us, but he made clear the crisis isn't over yet.

Pres. OBAMA: We have to consider what comes next, because we can't afford to return to an economy based on inflated profits and maxed out credit cards, an economy where we depend dirty and outdated sources of energy, an economy where we're burdened by soaring health care costs that serve only the special interests. This won't create sustainable growth. It won't shrink our deficit. And it won't create jobs.

BLOCK: That's President Obama today in the White House Rose Garden. He did not take any questions.

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