Will take time for aid to lift economy: White House
WASHINGTON (Reuters) - The White House, responding to a spike in the U.S. jobless rate, said on Friday the actions the Bush administration has taken to aid the economy will take time to have their full impact but predicted a return to growth later this year.
"Today's job report reflects the sharp slowdown in economic activity caused by problems in the housing and credit markets," White House spokeswoman Dana Perino said after the Labor Department reported that unemployment surged to its highest level in nearly 16 years in December.
"The administration has taken bold and decisive actions to help the economy, but those actions will take time to have their full effect. Americans can have faith that the economy can return to growth and job creation this year," she said.
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