Friday January 9, 04:27 PM
Obama: US economy 'dire' as 524,000 jobs lost
WASHINGTON (AFP) - US economic conditions are "dire" and "deteriorating," president-elect Barack Obama warned Friday after the release of new job-loss data, but said lawmakers had made progress on a huge stimulus package to jumpstart the economy.
"Clearly the situation is dire. It is deteriorating, and it demands urgent and immediate action," Obama said just hours after the Labor Department announced US employers shed a massive 524,000 jobs in December, pushing unemployment to a 16-year high of 7.2 percent.
But Obama, who assumes the presidency in 11 days, said consultations with Congress and his transition team on his multi-billion-dollar American Recovery and Reinvestment Plan has "made good progress."
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