President warns more job losses are coming

President Barack Obama said yesterday that more U.S. jobs will be lost in coming weeks and months but stressed the economy has recovered a lot of ground since he took office in January.

Speaking at a White House meeting of his Economic Recovery Advisory Board, Obama said the current pace of job losses was “distressing” and the labor market would not improve quickly.

“We anticipate that we are going to continue to see some job losses in the weeks and months to come,” Obama said.

The advisory board’s meeting was shown on a White House Web site in a departure from normal practice.

Obama said the economy was beginning to stabilize after the deep slump that it entered amid a U.S. and global financial crisis but said it still had a long way to go and that policymakers need to find new models for future growth.