President Obama prefaces his comments on July jobs numbers by noting that 2011 has been “tumultuous year” thus far. Obama mentioned the Arab Springs across the middle east, oil prices and the earthquake and tsunami in Japan as reasons that halted economic growth in the United States and worldwide. Obama also used these instances to explain the disappointing number of jobs created in July.
“We’ve weathered the Arab Springs effect on oil and gas prices. The Japanese earthquake and tsunami’s effect on supply chains. The extraordinary economic uncertainty in Europe and recently markets around the globe have taken a bumpy ride,” Obama said this morning.