President: Country moving in the right direction
President Barack Obama says the country is moving in the right direction as it tries to recover from the recession, but cautions further job losses may be ahead.
WASHINGTON (AP) -- Unemployment hit a 26-year high of 9.8 percent in September, and the October report due next week could show it topping 10 percent.
The government reported this week that the economy grew 3.5 percent from July through September, the first signs of growth in a year and unofficial confirmation that the recession may have ended.
In his weekly radio and Internet address, Obama notes that just a few months ago, "many economists feared another Great Depression."
Obama acknowledged that economic growth is no substitute for job growth, but says the economy does have to grow so jobs can be created.
(Copyright ©2009 by The Associated Press. All Rights Reserved.)
