Washington President Barack Obama on Saturday tempered excitement about a growing economy with a sober outlook that more people will lose their jobs. He called that a heartbreaking reality and cautioned that even a burst of upbeat news “does not mean there won’t be difficult days ahead.”
Obama’s straddle served to set expectations for a nation emerging from recession but anxious for an economic security that has not nearly returned.
The good news of the week: The economy is on the rise for the first time in more than a year. From July through September the economy grew by 3.5 percent, the strongest uptick in two years.
“While we have a long way to go before we return to prosperity, and there will undoubtedly be ups and downs along the road, it’s also true that we’ve come a long way,” Obama said in his weekly radio and Internet address.
Yet the economic indicator that matters most to the majority of families — stable, solid employment — is still lagging.
Unemployment hit a 26-year high of 9.8 percent in September, and the October report due in the coming week could show it topping 10 percent.