U.S. President Barack Obama said Saturday the U.S. economic recovery is moving "in the right direction" with a million jobs created or saved thanks to the government's stimulus policies.
"Today, I am pleased to offer some better news that -- while not cause for celebration -- is certainly reason to believe that we are moving in the right direction," the president said in his weekly radio address.
"We can see clearly now that the steps my administration is taking are making a difference, blunting the worst of this recession and helping to bring about its conclusion." Obama said.
The Commerce Department reported this week that the economy grew at a annual rate of 3.5 percent in the third quarter after four consecutive quarters of contraction, signaling the economic recession that began in December 2007 was over.
Separately, the White House released a statement said the government's 787 billion dollars stimulus plan that was launched in February had saved or created more than 1 million jobs.
But critics said that since Obama took office in January, the economy has lost a net 3.4 million jobs.
The overall job losses in the United States have totaled 7.2 million since the downturn began in December 2007.
Unemployment rate hit a new 26-year high of 9.8 percent in September, with job losses reaching 263,000. Some analysts said that the October report due next week could show unemployment climbing to the double digit level.
While highlighting fresh signs of economic recovery, Obama also stressed that the country still has "a long way to go before we return to
prosperity."
The Commerce Department reported Friday that consumer spending dropped 0.5 percent in September, the largest decline since December.
Many economists fear that due to the poor labor market, heavy debt loads and tight credit conditions, the U.S. economy could see a second
downturn in the near future.
"We will likely see further job losses in the coming days," Obama said. "But we will not create the jobs we need unless the economy is growing."