BUSINESS
08/05/2011 03:58 pm ET Updated Oct 05, 2011

Austan Goolsbee: U.S. Can't 'Stand Pat' Despite Recent Job Growth (VIDEO)

Despite the 2.4 million jobs created in the U.S. over the last 17 months, Austan Goolsbee leaves his post as Chairman of the President's Council of Economic Advisor unsatisfied by the state of the economy.

"The unemployment rate, even though it's down a little today, is still 9.1 percent," he told Bloomberg News. "So we should definitely not stand pat. We've got a long way to go."

On Friday, the Bureau of Labor Statistics released its monthly employment report, showing that the economy had created 117,000 jobs in July, beating expectations and at least temporarily relieving fears of a double-dip recession.

Goolsbee, however, remained cool to the news. While the numbers were "encouraging," he reminded viewers that people "shouldn't make too much out of one month's report."

Goolsbee made similar statements on ABC's The Week in June. "You want to look at a little bit of a [longer-term] trend to get a more accurate barometer," he then said.

To explain what had been a slower than expected few months, Goolsbee cited what he termed "blows" to the economy in the first half of the year. The Japanese earthquake, the European debt crisis and the debt limit debate, which President called a "manufactured crisis" by Congress, were all to blame in the eyes of Goolsbee.

Goolsbee remains committed to constructive policies.

"After what the world has seen, and with the troubles that we've faced the last several months, let's do some things that make people feel better and not make them worried that the US government is not gonna stand up to it's word," he said.

Watch the full interview here: