Obama welcomes jobs report, says more jobs needed

August 5, 2011 8:34:03 AM PDT
President Barack Obama is welcoming the latest jobs report as encouraging, saying "things will get better."

At the same time, Obama says the economy isn't producing enough jobs and says that must be corrected.

Obama made the observations while discussing a new initiative to provide tax credits for companies that hire out-of-work military veterans. He tells a Washington's Navy Yard audience "we are going to get through this." And he says that more jobs must be created each month to make up for the over 8 million jobs lost in the recession.

The Labor Department reported earlier Friday that the jobless rate inched down a bit, to 9.1 percent in July.

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