Obama Remarks on the Economy Ahead of Asia Tour

November 12, 2009 12:00:00 AM PST
President Obama is embarking on an eight-day summit through Asia Thursday. It'll be his first major tour through the continent. He'll make stops in China, Japan, Singapore and South Korea. Obama will meet with foreign leaders to discuss trade relations and the international economy. Before his departure, Mister Obama addressed the domestic economic situation and the mixed signals in the latest economic numbers.

"The economy is now growing again for the first time in more than a year and faster than at any time in the past two years. But even though we've slowed the loss of jobs -- and today's report on the continued decline in unemployment claims is a hopeful sign -- the economic growth that we've seen has not yet led to the job growth that we desperately need."

The Labor Department report Thursday shows jobless claims down to their lowest number since January at 502,000.

The number of people filing for foreclosure is also down by 3 percent. That continues a three month trend in the housing industry.

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