Published July 27, 2012
WASHINGTON – A top White House official stressed on Friday that the U.S. economy continues to grow despite a tepid second quarter, and acknowledged faster expansion was needed to stoke more hiring.
"While the economy continues to move in the right direction, additional growth is needed to replace the jobs lost in the deep recession that began at the end of 2007," Alan Krueger, chairman of the Council of Economic Advisers, said in a statement.
The U.S. economy grew at 1.5% in the second quarter, the weakest pace since the third quarter of 2011. Though the figure was in line with market expectations, sluggish growth and stubbornly high unemployment may threaten President Barack Obama's re-election chances in November.