KANSAS CITY - US President George W. Bush on Friday called new data showing the first US jobs loss since 2003 a "troubling" sign of weakness in the battered US economy.
"There are certainly some troubling signs, serious signs that the economy is weakening and we've got to do something about it," Bush said in remarks on the US economy during a visit here.
He spoke after the US Labor Department reported that the US economy lost 17,000 jobs in January, marking the first monthly loss since August 2003, in a fresh sign of brewing economic trouble.
"I'm confident we can get through this rough patch," the president said, adding that the US Congress had to move "quickly" on approving an economic stimulus package.
"The sooner this package makes it to my desk, that actually focuses on ways to stimulate growth, the better off our economy is going to be," said Bush.
Earlier, the White House released a statement defending Bush's economic record, while acknowledging a spate of gloomy news.
"The economy has been growing for more than six straight years, but real GDP (gross domestic product) growth slowed to an annual rate of 0.6 percent in the fourth quarter of last year," it said.
"Wages have risen, but so have the costs of food, gasoline, and health care. In addition, the downturn in the housing sector and the volatility of the financial markets are leaving many Americans feeling uncertain," it said.
The White House boasted that the decline "follows 52 months of uninterrupted job growth -- the longest period on record," with more than 8.2 million jobs created since August 2003.
ok/pmh
02/01/2008 17:18 GMT