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Obama says economy moving in right direction

By: yahoo.comPosted On: 01/08/2011 7:21 P

President Barack Obama sees a clear and encouraging trend on the economy, citing fresh reports showing private-sector job growth and lower unemployment.

He used his weekly radio and Internet address Saturday to discuss the latest economic news and press for bipartisan action in the newly divided Congress on measures to spur growth. Obama presented the December jobs report in a positive light even though it fell short of what economists had been looking for and even though the drop in unemployment came partly because some people stopped looking for work.

The private sector added 103,000 new jobs in December and the unemployment rate fell from 9.8 percent to 9.4 percent.

"Now, we know that these numbers can bounce around from month to month. But the trend is clear," said the president, whose 2012 re-election prospects may well hinge on the condition of the economy.

"We saw 12 straight months of private sector job growth — the first time that's been true since 2006," he said. The economy added 1.3 million jobs last year. And each quarter was stronger than the last, which means the pace of hiring is picking up, he said.

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