No Double-Dip despite slow growth: White House
Washington: Even as the unemployment rate remained at 9.1 per cent in September in the US, the White House has denied the possibility of Double-Dip recession, but admitted the economic growth has slowed down.
The unemployment rate remained at 9.1 per cent even though over one lakh jobs were created in September, prompting the Opposition to slam President Barack Obama for economic policies. "Non-farm payroll employment edged up by 1,03,000 in September, and the unemployment rate held at 9.1 per cent," the US Labour Department said.
Obama called a meeting of top Democrat leaders and Vice-President Joe Biden to discuss the situation, following the disclosure of the latest jobs report. Answering a question whether the economy is headed toward a double-dip recession, White House Press Secretary Jay Carney in a news conference soon after Obama`s meeting, said, "We do not believe that that it will happen, but there is no question that the economy has slowed, growth has slowed and job creation has slowed.
"Employment is still too weak. And it is, I think, obvious to everyone, virtually, that we need to take action to improve that situation." Double-Dip occurs when a recession is followed by another recession after a short recovery in the economy.