President Bush has admitted that the US economy is not doing as well as he wants, but he has refused to call the slowdown a recession. He was speaking after latest figures showed a surprise fall in the unemployment rate.
He was speaking to workers at a company in Missouri, and claimed credit for introducing a financial stimulus package to boost the economy.
“There are two aspects to that package I want to spend some time talking about. One of them is: you’re going to get some money. It turns out it’s your own money, but you are going to get it back.”
Undoubtedly, the news that only 20,000 people lost their jobs in April wasn’t welcomed by those who had lost their jobs, but in overall terms, it shows the unemployment rate dropped unexpectedly, to five 5 percent, from 5.1 percent in March. Some forecasts warned of an increase in the jobless rate.
It seems to show that the economic slowdown didn’t worsen at the start of the second quarter.
But at least one economist has warned that the US is in recession; it is just that these numbers support a mild downturn.
By comparison, an average of 121,000 jobs per month were shed in the first four months of the 2001 recession.