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Obama Says Europe Problems Could Have ‘Real Effect’ On US Economy

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U.S. President Barack Obama stressed here Thursday that the U.S. economy needs a “jolt right now,” saying that the problems being witnessed in Europe could have an impact on the U.S. economy.

Speaking to reporters at a press conference, Obama said “this is not a game. This is not the time for the usual political gridlock.”

He added that “problems Europe is having today could have a very real effect on our economy at a time when it’s already fragile.”

He affirmed that the jobs bill be proposed “can help guard against another downturn if the situation in Europe get any worse,” saying “it’ll boost economic growth. It’ll put people back to work.”

“There are too many people hurting in this country for us to do nothing, and the economy is just too fragile for us to let politics get in the way of action,” he remarked.

He stressed “we’ve got a responsibility to the people who sent us here. So I hope every senator thinks long and hard about what’s at stake when they cast their vote next week,” on the bill.

Meanwhile, the Department of Labor indicated in a report that in the week ending October 1, the advance figure for seasonally adjusted initial jobless claims reached 401,000, an increase of 6,000 from the previous week’s revised figure of 395,000.

It added that the four-week moving average was 414,000, a decrease of 4,000 from the previous week’s revised average of 418,000.
The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending September 24, a decrease of 0.1 percentage point from the prior week’s unrevised rate.

It showed that the four-week moving average was 3,739,000, a decrease of 9, 750 from the preceding week’s revised average of 3,748,750.

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KUNA

KUNA is the Kuwait News Agency

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