U.S. President George W. Bush Friday acknowledged for the first time that the U.S. economy was in recession.
"Today's job data reflects the fact that our economy is in a recession," Bush said hours after the Labor Department reported that the unemployment rate rose to 6.7 percent in November, the highest level in 15 years.
"This is in large part because of severe problems in our housing, credit, and financial markets, which have resulted in significant job losses," he said.
Meanwhile, Bush, whose eight-year term at the White House ends on Jan. 20, vowed that his government will take actions to tackle the crisis.
"I am confident that the steps we're taking will help fix the problems in our economy and return it to strength," he said.
"My administration is committed to ensuring that our economy succeeds, and I know the incoming administration shares the same commitment," he added.
Source: Xinhua
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