Obama: Recession Ending

President Barack Obama told the people on Friday that "the worst may be behind us" regarding the recession.  This comes after the unemployment rate dropped for the first time in 15 months. 

But, as any great leader would…  It comes with a caveat that warns the U.S. has a lot further to go, and more work to do, to get us out of the worst slump since the Great Depression.  No offense intended Mr. Obama, although have you been watching the stock market?  Word is that the market tends to recover before the economy.  You decide.  I know the market has not returned to the former highs, although it sure has been gaining ground.

Earlier Friday, the Labor Department said nonfarm payrolls declined by 247,000 in July, the best performance since last August. The unemployment rate, meanwhile, slid unexpectedly from 9.5% to 9.4%.

Mr. Obama said the figures, along with second-quarter growth data released last week, suggest "the worst may be behind us." But he added that the economy isn't out of the woods.

"We have a lot further to go. As far as I'm concerned, we will not have a true recovery as long as we're losing jobs," Mr. Obama said. "We have a steep mountain to climb and we started in a very deep valley."

Though he said the tough times aren't over for the economy, Mr. Obama said it is time to look ahead to what the country will look like after the recession, repeating his call for health-care and education reform and clean energy.

"As we begin to put an end to this recession, we have to consider what comes next," he said. "We cannot turn back to the failed policies of the past, nor can we stand still."