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Montevideo, June 27th 2022 - 10:57 UTC

 

 

US economy growing again but not enough to quell frustration about jobs

Saturday, October 30th 2010 - 05:13 UTC
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President Obama could loose control of the House of Representatives next week President Obama could loose control of the House of Representatives next week

The United States economy is growing but not enough to help with jobs. The US Commerce Department says GDP grew 2%, at an annual rate, between July and September - a slight increase from the previous quarter.

The White House says the government report is more evidence that the economy has weathered the worst downturn since the 1930's. But the numbers are of little help for Democrats who face steep losses in next week's mid-term elections.

Consumers helped boost growth in the third quarter - spending at the fastest rate since the end of 2006 before the recession hit. As a result, the US economy grew slightly faster than the previous quarter - but not enough to fuel significant job growth.

Speaking at a steel factory in Maryland, President Barack Obama said his policies are moving the economy in the right direction. “But as we continue to dig out from the worst recession in 80 years our mission is to accelerate that recovery and encourage more rapid growth so business like this one can continue to prosper and get millions of Americans who are still looking for jobs back to work,” he said.

Nearly 15 million Americans are unemployed. And with frustration growing among voters, polls show that opposition Republicans are likely to take control of the House of Representatives, severely reducing the president's ability to move forward with a middle class agenda.

Regardless of how Democrats fare in Tuesday's elections, Mr. Obama urged both parties to work together for the good of the country. “Political season's going to be over soon and when it does all of us are going to have a responsibility, Democrats and Republicans, to work together wherever we can to promote jobs and growth,” he said.

The Commerce Department expects the US economy will grow at an annual rate of 2.6% this year. Economists say it would have to expand by 5% to reduce the US nearly double digit unemployment rate by one percent.

 

Categories: Economy, United States.

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