Us Economy: Obama warns of ‘tough headwinds’

The president metioned high gas prices, Japan earthquake and uneasy European fiscal situation.

WASHINGTON: US President Barack Obama warned on Saturday that the US economy still faced “tough headwinds,” as he welcomed newly created jobs in the once-troubled automobile industry. “Even though our economy has created more than two million private sector jobs over the past 15 months and continues to grow, we’re facing some tough headwinds,” the president said in his weekly address. “Lately, it’s high gas prices, the earthquake in Japan and unease about the European fiscal situation.” The comments came after dismal statistics on new job creation and an uptick in the unemployment rate sent US stocks plunging Friday and raised a new barrier for Obama’s troubled economic agenda.



Published in The Express Tribune, June 5^th, 2011.