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Obama Confident in Recovery Despite Jobs Report

Associated Press - July 2, 2009 3:33 PM ET

WASHINGTON (AP) - President Barack Obama says he's confident the economy will turn around in the short term and the nation will prosper in the long term despite another dose of bad unemployment news.

Obama spoke Thursday in the Rose Garden shortly after a meeting with chief executives from energy companies.

Earlier, the government reported that employers cut a larger-than-expected 467,000 jobs in June. The unemployment rate climbed to a 26-year high of 9.5%.

Obama called that report sobering news. He said that while it is better than the last economic quarter, it is little comfort for those who have lost their jobs.

He said it took years to create the economic mess and it will take time to reverse the downward slide.

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