JULY 14, 2009, 2:43 P.M. ET
Obama Says Jobless Rate Likely to Tick Up for Several Months
By HENRY J. PULIZZI
WASHINGTON -- President Barack Obama warned Tuesday that the U.S. jobless rate, already at its highest level in more than a quarter century, is likely to worsen for several months.
"My expectation is that we will probably continue to see unemployment tick up for several months," Mr. Obama told reporters after a meeting with Dutch Prime Minister Jan Peter Balkenende.
Unemployment stood at 9.5% nationwide last month, a rate that has prompted calls for additional stimulus measures, as well as criticism that the earlier $787 billion package has so far failed to create jobs. Mr. Obama, who has said he believes joblessness will soon hit 10%, will visit Michigan later Tuesday, a state already dealing with double-digit unemployment.
While he said he doesn't have a "crystal ball," Mr. Obama said he anticipates unemployment will follow historical trends and lag "for some time" even after an economic recovery begins.
On the positive side, he said the U.S. has "seen some stabilization in the financial markets, and that's good because that means companies can borrow and banks are starting to lend again."
"The challenge for this administration is to make sure that even as we are stabilizing the financial system, we understand that the most important thing in the economy is people able to find good jobs that pay good wages," Mr. Obama said.
The president met with Mr. Balkenende, a close ally and partner in Afghanistan, shortly before leaving Washington for Warren, Mich., where he plans to unveil a big proposed government investment in the community-college system.
Messrs. Obama and Balkenende said they discussed a host of issues, including Afghanistan, climate change and the Guantanamo Bay detention facility. Mr. Obama invited Mr. Balkenende to attend September's Group of 20 summit in Pittsburgh. The Netherlands isn't a member of the G20, but Mr. Obama said the group could benefit from Mr. Balkenende's experience and expertise working with world leaders.
"Overall, we think this partnership is strong and will continue to grow," Mr. Obama said.
Tuesday evening, Mr. Obama will throw out the first pitch at the Major League All-Star Game in St. Louis. Asked if he's been practicing, he acknowledged that he wanted to loosen his arm up a little bit.
Mr. Obama hasn't visited the mound at a professional ballpark since last year's American League Championship Series.
"I just wanted to keep it high," Mr. Obama said of his strategy last year. "There was no clock on it, I don't know how fast it went, but if it exceeded 30 miles per hour I'd be surprised. But it did clear the plate."
Write to Henry J. Pulizzi at [email protected]
Obama Says Jobless Rate Likely to Tick Up for Several Months
By HENRY J. PULIZZI
WASHINGTON -- President Barack Obama warned Tuesday that the U.S. jobless rate, already at its highest level in more than a quarter century, is likely to worsen for several months.
"My expectation is that we will probably continue to see unemployment tick up for several months," Mr. Obama told reporters after a meeting with Dutch Prime Minister Jan Peter Balkenende.
Unemployment stood at 9.5% nationwide last month, a rate that has prompted calls for additional stimulus measures, as well as criticism that the earlier $787 billion package has so far failed to create jobs. Mr. Obama, who has said he believes joblessness will soon hit 10%, will visit Michigan later Tuesday, a state already dealing with double-digit unemployment.
While he said he doesn't have a "crystal ball," Mr. Obama said he anticipates unemployment will follow historical trends and lag "for some time" even after an economic recovery begins.
On the positive side, he said the U.S. has "seen some stabilization in the financial markets, and that's good because that means companies can borrow and banks are starting to lend again."
"The challenge for this administration is to make sure that even as we are stabilizing the financial system, we understand that the most important thing in the economy is people able to find good jobs that pay good wages," Mr. Obama said.
The president met with Mr. Balkenende, a close ally and partner in Afghanistan, shortly before leaving Washington for Warren, Mich., where he plans to unveil a big proposed government investment in the community-college system.
Messrs. Obama and Balkenende said they discussed a host of issues, including Afghanistan, climate change and the Guantanamo Bay detention facility. Mr. Obama invited Mr. Balkenende to attend September's Group of 20 summit in Pittsburgh. The Netherlands isn't a member of the G20, but Mr. Obama said the group could benefit from Mr. Balkenende's experience and expertise working with world leaders.
"Overall, we think this partnership is strong and will continue to grow," Mr. Obama said.
Tuesday evening, Mr. Obama will throw out the first pitch at the Major League All-Star Game in St. Louis. Asked if he's been practicing, he acknowledged that he wanted to loosen his arm up a little bit.
Mr. Obama hasn't visited the mound at a professional ballpark since last year's American League Championship Series.
"I just wanted to keep it high," Mr. Obama said of his strategy last year. "There was no clock on it, I don't know how fast it went, but if it exceeded 30 miles per hour I'd be surprised. But it did clear the plate."
Write to Henry J. Pulizzi at [email protected]
