Obama Says Economy Improving Despite High Unemployment Rate

Summary: Even if the labor market shed more than 467,000 jobs last month, pushing the unemployment rate to 9.5 percent, President Barack Obama said he is confident that the US economy is experiencing slight recovery.

Meanwhile, the President also urged CEOs and economic leaders to create innovative ways, including alternative source of energy that will lift the economy.

 Following reports that unemployment rate in the US hit 9.5 percent last month, President Barack Obama said he is confident that the economy is improving amid gloomy forecast by some analysts who said that jobless has dampened hopes of quick recovery.

During a meeting with economic leaders and CEOs, the President said there were signs of recovery despite that more than 467,000 jobs were lost recently.

“This mess took us many years to create compared to the few months it will take for us to turn around his situation”, he said.

Obama also said recovery will not happen in short term and will be hard and painful, but once the recession is over, the country will experience long term prosperity.

To pave way for economic recovery, Obama urged companies from different sectors to make innovative ways such as “green and sustainable technology”.

The President highlighted the importance of “alternative sources of energy” not just to build a stronger and more sustainable economy but to address the looming environmental problems especially the global warming.

Last week, the House of Representative passed a climate change legislation that requires businesses to cut its carbon emission and requires utilities to generate 15 percent of renewable energy from their electric supplies.