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Statement by the President on Job Report Numbers
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For Immediate Release Office of the Press Secretary November 7, 2008

Statement by the President on Job Report Numbers

˙˙White House News
˙˙En Espa¤ol

˙˙˙˙˙ In Focus: Economy

Today, we received monthly job report numbers that reflect the difficult
challenges confronting our economy. We are in the midst of a global
financial crisis, and tight credit markets have made it harder for
businesses to borrow the money they need to meet their payrolls, grow, and
create new jobs.

The Federal government has taken aggressive and decisive measures to
address this situation. It will take time for these measures to have their
full impact on an economy in which many Americans are struggling. But in
recent days, we have seen some encouraging signs. The market for lending
between banks has loosened considerably, and the Federal Reserve's efforts
to stabilize the commercial paper market have provided businesses with an
urgently needed source of financing for day-to-day operations.

In the weeks ahead, my Administration will continue working to return our
economy to the path of prosperity and growth. I will continue urging
Members of Congress to approve free trade agreements with Colombia, Panama,
and South Korea, and I look forward to hosting an international financial
summit with leaders of both developed and developing nations on November
15.

I understand that Americans remain deeply concerned about the challenges
facing our economy, but our economy has overcome great challenges before,
and we can be confident that it will do so again.

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