WASHINGTON - Lower-than-expected U.S. job losses in May are an encouraging sign, but the U.S. economy still has a long way to go before it is out of recession, Vice President Joe Biden said on Friday.
Biden also told reporters that President Barack Obama would announce plans on Monday to ramp up economic recovery projects over the next several months.
The U.S. Labor Department reported on Friday that U.S. employers cut 345,000 jobs, the fewest since September and far fewer than forecast. However, it also said the unemployment rate rose to 9.4 percent, the highest since a matching rate in July 1983, from 8.9 percent in April.
As much progress as we've already made, we still have a long, long way to go on the road to recovery, Biden said, adding that the Obama administration would not be satisfied until the U.S. economy is adding jobs on a monthly basis.
That's why on Monday, the president and I will be announcing our plans to ramp up Recovery Act implementation over the summer, Biden said, referring to the $787 billion economic stimulus bill that Congress passed earlier this year.
(Reporting by Doug Palmer; editing by Patricia Zengerle)