White House: will take time for economy to recover
WASHINGTON (Reuters) - Employment data showing 159,000 U.S. jobs were lost in September, well more than expected, was disappointing and it will take time for the economy to recover from several shocks, the White House said on Friday.
"It's a disappointing report, but not unexpected given the recent shocks to the economy," said White House spokesman Tony Fratto. "Everyone should understand that it will take some time for our economy to recover from the housing correction, elevated energy prices, and the credit crisis."
The Labor Department report Friday showed that employers cut non-farm payrolls at the fastest rate in 5-1/2 years last month and the unemployment rate remained unchanged from August at 6.1 percent.
The new data came as the House of Representatives was poised to vote on legislation later on Friday aimed at rescuing the U.S. financial system, providing up to $700 billion to buy distressed assets from lenders, a move aimed at jump-starting the credit markets.
The Senate earlier this week passed the measure after several additions were made to entice wary lawmakers, including some tax breaks, raising bank deposit insurance and other incentives.
"The best action we can take to limit damage to the economy is to pass the emergency rescue package legislation in the House," Fratto said.
(Reporting by Jeremy Pelofsky, Editing by Walker Simon)
