Saturday, December 5, 2009

Jobless data shows "much-needed progress"-W.House

The White House said on Friday a sharp slowdown in job losses showed ''much-needed progress'' and the Obama administration was looking at the prospects for using remaining financial bailout funds to help create employment.

White House spokesman Robert Gibbs said, however, that President Barack Obama would not use an economy speech scheduled for next Tuesday to unveil a second economic stimulus plan.

Gibbs was speaking to reporters after a government report showed U.S. employers cut far fewer jobs than expected last month. The economy shed only 11,000 jobs in November while the unemployment rate unexpectedly dropped to 10 percent from October's 10.2 percent.
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