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White House Warns: "Severe Job Cuts"

TOM RAUM   04/ 3/09 12:53 PM ET   AP


BADEN-BADEN, Germany — President Barack Obama says a new report on unemployment in the United States is a "stark reminder" of the global challenges created by the economic crisis.

Obama spoke about the U.S. jobless picture from Baden-Baden, Germany, where he met Friday with German Chancellor Angela Merkel (AHN'-geh-lah MEHR'-kuhl) ahead of a NATO conference in the German resort town.

Speaking about the sliding economy and the loss of jobs in the U.S., Obama said no nation can isolate itself from the global market. He said that without concerted and united global action, there will be "collective failure."

The Labor Department reported Friday that the U.S. unemployment rate jumped to 8.5 percent in March, the highest since late 1983.


Filed by Rachel Weiner  |