04 Jun '11, 10am

Lord Barry warns of 'tough headwinds' for US economy

Lord Barry warns of 'tough headwinds' for US economy

President Barack Obama addresses workers after his tour of Chrysler Group?s Toledo Supplier Park in Toledo, Ohio, Friday, June 3, 2011. -- PHOTO: AP WASHINGTON - US PRESIDENT Barack Obama warned on Saturday that the US economy still faced 'tough headwinds,' as he welcomed newly created jobs in the once-troubled automobile industry. 'Even though our economy has created more than two million private sector jobs over the past 15 months and continues to grow, we're facing some tough headwinds,' the president said in his weekly address. 'Lately, it's high gas prices, the earthquake in Japan and unease about the European fiscal situation.' The comments came after dismal statistics on new job creation and an uptick in the unemployment rate sent US stocks plunging on Friday and raised a new barrier for Mr Obama's troubled economic agenda. The economy added a paltry 54,000 new jobs...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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