Recent statistics show that US jobs dropped below 5 percent starting in February 2008, overshadowing the news that the jobs report in January was more fragile than expected. The world market fell after this news was revealed on Friday.
As news came out that US wages increased and US jobs fell to its eight-year low, the world market reacted with fear about the prospect of a new round of interest rate hike in the world's largest economy this year.
But Barack Obama, in a surprise visit to the White House briefing room Friday, praised the country's economic successes despite the 5 percent drop in US jobs.
Aside from extolling the country's economic improvement after the recession in 2008, the US president also made snide remarks saying that the Republican candidates who want to take over his place in the White House were conducting "doom-and-despair" campaigns.
"Unemployment, deficit, gas prices are all down. Jobs, wages and rate of the insured are all up," said the US president. As I said in my State of the Union address, the United States of America right now has the strongest, most durable economy in the world," he continued.
"I know that's still inconvenient for Republican stump speeches as their doom-and-despair tour plays in New Hampshire. I guess you cannot please everybody," Obama added.
Based on Obama's assessment, the country has recovered faster and stronger specifically since it did not use the measures promoted by the Republicans. He said that his opponents can't provide a more coherent and plausible solution than to reduce taxes of the rich.
Although there were 151,000 jobs added to the U.S. economy, that figure is way below the expected 190,000 fresh jobs as projected in a recent Reuters survey of economists.
However, this report was taken as a whole by the world market as a confirmation that the economy of the United States is well on track even if the global economy has suffered a tumultuous start this year.
