White House's Goolsbee says jobs picture improving

Reuters News
Posted: Apr 01, 2011 12:28 PM

WASHINGTON (Reuters) - The U.S. job market is gradually rebounding from a period of severe retrenchment, but still has a long way to go, U.S. President Barack Obama's top economic adviser said on Friday.

"We're starting a recovery, but it's a deep hole," Austan Goolsbee, head of the White House Council of Economic Advisers, told Reuters Insider in an interview.

"Even though (the unemployment rate) has come down significantly over the past four months, it's still too high," Goolsbee said.

The Labor Department reported the jobless rate fell for a fourth straight month, dipping to 8.8 percent in March, and the economy generated some 216,000 new jobs. That's an improvement over February's 194,000, but still leaves 13.5 million Americans out of work.

(Reporting by Pedro Nicolaci da Costa)