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.