White House still warns of 10 percent jobless rate

President Barack Obama on Friday welcomed a dip in U.S. unemployment as evidence "the worst may be behind us" with the recession well into its second year.

Earlier, however, the White House said that the president still expects unemployment to hit 10 percent sometime later this year.

The new Labor Department numbers show that employers cut 247,000 jobs in July, another job loss but also the smallest reduction of any month this year. The unemployment rate dropped marginally from 9.5 percent to 9.4 percent, although one of the reasons for that change is that hundreds of thousands of people left the labor force.

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- Posted: 2009-08-07 13:28:10

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