Obama: Job losses expected to continue

WASHINGTON - President Barack Obama said Monday the public and private sectors must find more ways to create jobs to continue the U.S. climb out of an economic recession.

Obama said the economy has pulled back "from the brink" but still has a long way to go, especially in creating jobs. The president said job losses would continue for weeks and months to come and called for bold, innovative action by his administration, Congress and the private sector to create more good-paying jobs.

Obama made the remarks at the start of a White House meeting with economic advisers. The session was open to reporters and streamed live on the White House Web site.

He also said the U.S. must break out of a "debilitating gridlock on trade policy," by ending the false choice between a wide-open, free wheeling import policy or fearful, protectionist approach to trade. He called for a more balanced policy of letting the world know America wants to compete and trade — fairly — with anyone. He gave no specifics.

In opening remarks, Obama credited his stimulus package for recent upticks in economic numbers, including a significant boost in manufacturing that was reported on Monday.

But, he said, "The reason we're here today is because we just are not where we need to be yet. We've got a long way to go. We are still seeing production levels that are significantly below peak levels and most distressing is the fact that job growth continues to lag."

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