U.S. economic recovery speeds up: Obama

U.S. economic recovery speeds up
Economic recovery of the world's largest economy, the US, is accelerating amid a pickup in the nation's job market, US President Barack Obama said on Friday.

Obama expressed his happiness over the latest job market report released on Friday that showed a further improvement in labour market conditions.

The US jobless rate dropped to its lowest level since February 2009 to 8.3 per cent last month from 8.5 per cent in December 2011. The US economy added 243,000 jobs in January 2012, up from the 203,000 added in December 2011.

“In January, American businesses added another 257,000 jobs. The unemployment rate came down because more people found work. And altogether, we've added 3.7 million new jobs over the last 23 months," Obama said.

However, Obama cautioned that there were millions of Americans who remained jobless.

Obama also called on the US Congress to step up efforts to help bolster the nation's economic recovery by passing the extension of payroll tax cuts for the whole year, which will boost the personal savings of American households.

"The recovery is speeding up. And we've got to do everything in our power to keep it going. Now is not the time for self-inflicted wounds to our economy. Now is the time for action," Obama added.

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