"Even though we've slowed the loss of jobs ... the economic growth that we've seen has not yet led to the job growth that we desperately need," Obama said.
"Given the magnitude of the economic turmoil that we've experienced, employers are reluctant to hire," he said. "Meanwhile, millions of Americans — our friends, our neighbors, our family members — are desperately searching for jobs. This is one of the great challenges that remain in our economy, a challenge that my administration is absolutely determined to meet."
Obama made the comments at the White House shortly before departing for a trip to Asia during which economic growth and job creation will be major issues, particularly with the Chinese. He said he would push Asian and Pacific countries to open their markets further to U.S. exports.
Unemployment nationwide spiked in October to 10.2 percent, the highest level in 26 years.
Next month, Obama said he would gather chief executives, small-business owners, economists, labor leaders and others to discuss ways to create jobs and grow the economy. He said he did not want to act rashly, particularly given the soaring budget deficit, but would be open to "any demonstrably good idea."
"We all know that there are limits to what government can and should do, even during such difficult times," Obama said. "But we have an obligation to consider every additional, responsible step that we can to encourage and accelerate job creation in this country."
Obama administration officials have stressed that the pace of job loss has slowed considerably since January, when the economy lost 741,000 jobs — the number of jobs lost last month was 190,000 — and job growth traditionally lags economic growth. That economic growth has returned, with the gross domestic product expanding at an annualized rate of 3.5 percent in the third quarter of this year after four consecutive quarters of contraction.
Jobless claims fallEarlier Thursday, the Labor Department reported that initial claims for unemployment benefits fell by 12,000 to 502,000 last week, continuing the trend of moderating job losses. But administration officials and Democratic lawmakers are increasingly concerned as unemployment continues growing heading into a mid-term election year in 2010. Democratic gubernatorial candidates in Virginia and New Jersey were defeated in elections last week amid voter concern about the economy.
Congress recently approved additional unemployment benefits, particularly for those without jobs in hard-hit states, and extending and expanding a tax credit for the purchase of homes that many give credit for helping boost the real estate market. Obama made a point of signing the bill on Friday after the Labor Department reported the October unemployment rate.
Real Estate Outlook: Mixed SignalsJobless rate dips in most of Tennessee
