Obama "Encouraged" By Unemployment News - WRCBtv.com | Chattanooga News, Weather & Sports

Obama "Encouraged" By Unemployment News

Posted: Updated:

ALLENTOWN, Pa. (AP) - President Barack Obama says a drop in the nation's double-digit unemployment rate is some "modestly encouraging news" about the economy, but that a struggle remains.

New statistics out Friday showed a relatively moderate shedding of 11,000 jobs last month. The unemployment rate dipped from 10.2

percent in October to 10 percent last month. Obama called that "good news, just in time for the season of hope." He said it's the best jobs report the country has had since 2007.

Still, Obama said that "good trends don't pay the rent" and he said his administration is working on a series of steps to encourage new hiring and investment.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

Powered by Frankly