Obama says administration has pulled the economy ‘back from the brink’, says more work needed

Obama: Gov’t rescued US from economic catastrophe

WASHINGTON — President Barack Obama is welcoming an improved national employment report, saying his administration has “rescued our economy from catastrophe.”

In an appearance on the White House Rose Garden, Obama applauded a Labor Department report earlier Friday saying that the jobless rate declined to 9.4 percent from 9.5 percent a month earlier.

But he said much more needs to be done and that he won’t rest until “every American that is looking for a job can find one.”

Obama said, “We have a steep mountain to climb and we started in a very deep valley.”

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

WASHINGTON (AP) — President Barack Obama is welcoming an improved national employment report, saying his administration has “rescued our economy from collapse.”

In an appearance on the White House Rose Garden, Obama applauded a Labor Department report earlier Friday saying that the jobless rate declined to 9.4 percent from 9.5 percent a month earlier.

But he said much more needs to be done and that he won’t rest until “every American that is looking for a job can find one.”

Obama said, “We have a steep mountain to climb and we started in a very deep valley.”

(This version CORRECTS APNewsNow; SUBS lead to correct last word in quote.)