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ShareWashington, DC: US president Barack Obama said on Monday that more US jobs will be lost in the coming weeks and months but stressed that the economy had 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 labour 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 website in a departure from normal practice.
Obama said the economy was beginning to stabilise after the deep slump that it entered amid a US and global financial crisis, but he said it still had a long way to go and that policymakers need to find new models for future growth.
"It's not going to happen overnight, but we will not rest until we are succeeding, until we are generating the jobs that this economy needs," the president said before the official board meeting started.
He said past US growth had been "debt-driven" and that was no longer feasible. With the United States running record budget deficits as it spends furiously to try to stimulate the economy, Obama said it is going to be vital to find innovative ways to finance growth.
The US economy posted solid growth inthe third quarter after a year of steady decline, with the gross domestic product rising at a 3.5% annual rate.
In addition, on Monday, US manufacturing activity hit its highest level in three-and-a-half years in October and pending home sales surged in September -- all signs of vitality returning to a battered economy.
Obama urged policymakers to consider new ways to spur growth, not simply changes in tax policy, and said he was confident that job growth would return once the economy was back on a solid growth track.
