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Obama says U.S. economy "still hurting"

09-21-2010 08:33 BJT Special Report:2010 US Midterm Elections |

WASHINGTON, Sept. 20 (Xinhua) -- U.S. economy is still not out of woods even though the longest recession the country has endured since the Great Depression has been officially declared over.

U.S. President Barack Obama hosts a press conference in the East Room of the
White House in Washington D.C., capital of the United States, Sept. 10, 2010.
(Xinhua File Photo)

The National Bureau of Economic Research (NBER), an authorized panel of academic economists based in Cambridge, Mass., said the recession lasted 18 months. It started in December 2007 and ended in June 2009.

Previously the longest post World War II downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months.

But according to U.S. President Barack Obama the economic situation remains challenging.

"The hole was so deep that a lot of people out there are still hurting," Obama addressed a town-hall-style meeting telecast live on CNBC before heading to Pennsylvania to raise money for a Democratic Senate candidate.

He spoke shortly after the NBER announcement.

"Even though economists may say that the recession officially ended last year, obviously for the millions of people who are still out of work, people who have seen their home values decline, people who are struggling to pay the bills day to day, it's still very real for them." Obama said.

U.S. unemployment, currently at 9.6 percent, is projected not possible to fall significantly in the short future. About 8 million Americans remain out of work now.


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