'Beginnings of the end' for recession, says Barack
August 07 2009 by Mark Johnstone
Barack backs upturn for work in US
US president Barack Obama has declared to a rally outside Washington, the US may be experiencing the “very beginnings” of the end of the current economic downturn.
He blamed the former administration led by George W Bush as responsible for the country’s poor performance during this global recession and said:
"I don't want the folks who created the mess to do a lot of talking. I want them to get out of the way so we can clean up the mess"
Obama’s speech was greeted with loud cheers and it adds to an air of optimism following latest employment figures in the US that show that the number of people claiming state benefits has dropped sharply.
The four-week moving average for new claims for US welfare fell 4,750 to 555,250 in the week ended Aug. 1.
However, the number of people who want to work in the US claiming long-term unemployment benefits went up by 69,000 to 6.31 million in the week ended July 25, though the four-week moving average dropped for four consecutive weeks.
Harm Bandholz, a leading US economist, said:|
"The US labour market is on the mend. This corroborates our view that the pace of layoffs has slowed down noticeably."
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