Bush says growth, jobs data "not good enough" for US economy
Washington - US President George W Bush on Friday welcomed some better-than-expected economic data released in the past three days but said the United States "could do better."
The Labour Department reported Friday that 20,000 jobs were lost in April, the fourth consecutive month of job losses but well below the 240,000 total jobs shed by the economy in the first three months of the year. The unemployment rate fell to 5 per cent from 5.1 per cent.
On Wednesday, gross domestic product figures showed the economy grew by 0.6 per cent in the first quarter of 2008, unchanged from the last three months of 2007.
"That's not good enough for America," Bush said at a townhall- style meeting in Missouri. "It's positive growth, but we can do better than that."
Bush said the jobless figures were another sign that "this economy is not as robust as any of us would like it."
Some economists believe the US has already entered a recession, brought on by a housing and financial crisis that has since spread to other sectors of the economy.
The Commerce Department Wednesday said first quarter growth was held up by increasing company inventories, without which the economy would have contracted in the first three months.
Bush pointed to the economic stimulus package passed by Congress in January. Tax rebates that make up the bulk of the 170-billion- dollar stimulus were being issued starting Monday.
The economy shed 81,000 jobs by comparison in March - revised from an earlier estimate of 80,000 - and unemployment stood at 5.1 per cent.
Economists surveyed by Bloomberg News forecast that a further 75,000 jobs would be lost in April.
The Labour Department said the manufacturing, construction and retail sectors continued to lose workers, while increases were noted in health and technology.
Hourly wages increased 0.1 per cent in April to 17.88 dollars. dpa