Obama Looks for Hope in Exports to Create Jobs

08 July 2010

President Obama speaking Wednesday at the White House about exports, jobs and the economy. With him were Commerce Secretary Gary Locke, left, and Jim McNerney Jr., chief executive officer of Boeing.

This is the VOA Special English Economics Report.

The International Monetary Fund has raised its prediction for world economic growth to four and six-tenths percent this year. That is a half-percentage point higher than the estimate in April.

The IMF credited expansion in Asia and growing demand in the United States. But the lender's chief economist also warned that "downside risks have risen sharply."

President Obama talked this week about the importance of building exports as a way to create jobs and economic growth at home.

BARACK OBAMA: "American exports grew almost seventeen percent over the first four months of this year, compared to the same period last year. Part of this, of course, is due to the global recovery. But we are also moving forward on improving conditions for America’s exporters."

Mr. Obama re-launched the President's Export Council. The group includes business and labor leaders who will advise on trade issues.

Last week the government reported that private employers added only eighty-three thousand jobs in June. Unemployment remains high even after six months of job growth. As the president points out, there are still five unemployed workers for each job opening.