Statement on the National Economy,
November 7, 2008

Today we received monthly job report numbers that reflect the difficult challenges confronting our economy. We are in the midst of a global financial crisis, and tight credit markets have made it harder for businesses to borrow the money they need to meet their payrolls, grow, and create new jobs.

The Federal Government has taken aggressive and decisive measures to address this situation. It will take time for these measures to have their full impact on an economy in which many Americans are struggling. But in recent days, we have seen some encouraging signs. The market for lending between banks has loosened considerably, and the Federal Reserve’s efforts to stabilize the commercial paper market have provided businesses with an urgently needed source of financing for day-to-day operations.

In the weeks ahead, my administration will continue working to return our economy to the path of prosperity and growth. I will continue urging Members of Congress to approve free trade agreements with Colombia, Panama, and South Korea, and I look forward to hosting an international financial summit with leaders of both developed and developing nations on November 15.

I understand that Americans remain deeply concerned about the challenges facing our economy, but our economy has overcome great challenges before, and we can be confident that it will do so again.

Note: The Office of the Press Secretary also released a Spanish language verision of this statement.