WASHINGTON, July 2 (Xinhua) -- U.S. President Barack Obama said Friday the U.S. economy was "headed in the right direction but not fast enough", after Labor Department reported that unemployment rate edged down with disappointing new jobs figures in June.
The government report released earlier Friday showed that the unemployment rate dropped to 9.5 percent in June, the lowest level in almost a year. But that lower overall jobless rate merely reflected that many people gave up looking for work, as employers cut 125,000 jobs last month, the first month of new job decline in six months.
Obama said that overall, the economy has been creating jobs in 2010. He promised to continue to help the unemployed find work.
According to the Commerce Department's latest revised data, the U.S. economy grew at 2.7 percent in the first quarter in 2010, lower than the 3.0 percent previously reported.
Many economists believe that the U.S. economic growth may slow down in the second half of the year as the government stimulus policies wane in the uncertain global economic scenario.
Obama noted that the U.S. economy continued to fight headwinds from volatile global markets.