Obama Expects Mixed Economic Report

July 31, 2009

By Paula Wolfson

WHITE HOUSE (RPRN) 7/31/2009--U.S. President Barack Obama says he expects a mixed bag of good and bad economic news Friday when the government releases key figures for the second quarter of 2009.

The president predicts the latest data on the nation's economy will provide little comfort for Americans who have lost their jobs, or whose businesses have been hurt by the recession.

He says the new figures on the nation's gross domestic product - the total market value of goods and services produced in the United States - will show the economy shrank again in the second quarter.

"I suspect that the GDP numbers will still show the economy contracted in the second quarter, that job loss is still a huge problem," said President Obama.

But the president seems to find a bright side in those numbers. He says they are likely to show that the rate of job loss -while still too high - has slowed. And he notes that the troubled financial sector has stabilized - a sign that the economy has pulled back from the brink of total disaster.

"The credit system, the banking system, the financial markets generally have settled down," said Mr. Obama. "You're not seeing the huge volatility or panic that you were seeing."

The president was asked about the economy during a brief session with reporters following talks with Philippine President Gloria Arroyo.

Photo credit: President Obama and President Gloria Macapagal-Arroyo of the Philippines talk to the press after a meeting. July 30, 2009. Courtesy of the White House.

Click here to see all news from this author/company

About the author:

Voice of America. The Voice of America, which first went on the air in 1942, is a multimedia international broadcasting service funded by the U.S. Government through the Broadcasting Board of Governors.

Filed Under: Politics, BREAKING NEWS, U.S.A. Government

RUSH PR NEWS newswire and press release services at rushprnews.com / Anne Howard annehowardpublicist.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

Please leave your comments here

PRESS & SOCIAL MEDIA RELEASES

Clothing and Wine Deals for Top Stores on a Budget with Latest DiscountVouchers.co.uk Offers

London, UK 05/24/12 · Consumer deals site sources new vouchers for money...