Title: President Obama acknowledges that economic growth is no substitute for job growth

" Each week I've spoken with the about the challenges we face -- nation in the path we must take to meet. And the truth is over the past ten months have often had to report distressing news during what has been difficult time for our country. But today I'm pleased to offer some better news that while not a cause for celebration that's certainly reason to believe that we are moving in the right direction. On Thursday we received a report our gross domestic product or GDP. This is an important measure of our economy as a whole -- tells us how much we are producing and how much businesses and families are. We learned that the economy grew for the first time in more than a year. And faster than at any point in the previous two years. So while we have a long way to go before we return to prosperity and the will undoubtedly be ups and downs along the -- It's also true that we've come a long way. It's easy to forget there was only several months ago of the economy was shrinking rapidly and many economists feared another Great Depression. Now economic growth is no substitute for job growth and we will likely see further job losses in the coming days. The fact it's both troubling for our economy and heartbreaking for the men and women who suddenly find themselves out of work. But we will not create the jobs we need unless the economy is -- That's why this GDP report is good side. And we can see clearly now that the steps my administration is taking are making a difference one during the worst of this recession. And helping to bring about its conclusion. We've acted aggressively jump start credit for families and businesses including small businesses which have seen an increase in -- 73%. We've taken steps to stem the tide of foreclosures. Modifying mortgages to help hundreds of thousands of responsible homeowners keep their homes and help millions more sustained the value in their homes. And recovery act is spurring demand through tax cut for 95% of working families. And through assistance for seniors and those of lost jobs which not only helps folks hit hardest by the downturn. But also encourages the Consumer Spending and helped turn the economy around. Finally the recovery act of saving and creating jobs all across the country. Just this week we've reached an important milestone. Based on reports coming in from across America. Shovels break ground as needed public servants or rehire. As factories work to -- it is clear that the recovery act has now created and saved more than one million jobs. That's more than a million people who might otherwise be out of work today. Folks who can wake up each day knowing that they'll be able to provide for the cells and for the families. We've save jobs by closing state budget shortfalls to prevent the layoffs of hundreds of thousands of police officers firefighters and teachers work today on the beat on call in the classrooms. Because of the recovery act. We've also created hundreds of thousands of jobs. Through the largest investment in our roads since the building of the interstate highway system and through the largest investment in education. Medical research and clean energy in history. These investments are just helping us recover in the short. Helping to -- a new foundation for lasting prosperity in the long term and they're giving hard working middle class Americans. The chance to succeed and raise a family. Because the investments we've made the steps we've taken. It's easier for middle class families to send their kids to college and get the training and skills they need to compete in the global economy. We're making it easier for these families to save for retirement. In areas like clean energy were creating the jobs of the future jobs that pay well and can't be outsourced. In fact just this week I travel to Arcadia -- to announce the largest set of clean energy projects through the recovery -- so far. 100 grants for businesses utilities. Manufacturers. Cities and other partners across the country to put. Thousands of people who worked modernizing our electric -- The system to provide power for homes and businesses. So that it wastes less energy helps integrate renewables like wind and solar and saves consumers money. And that's just one example. So we have made progress. At the same time want to emphasize that there's still plenty progress to be made. For we know that positive news for the economy as a whole means little if you've lost your job and can't find another. If you can't afford healthcare or the mortgage. If you do not see your own life improvement we're seeing in these economic statistics. And positive news today doesn't mean there won't be difficult days ahead. As I've said many times it took years to dig our way into the crisis we face it will take more than a few months to -- way. But make no mistake that's exactly what we will do for the economy we -- is one where folks who needed job can find one incomes are rising. The economy we seek is one -- small businesses -- fortune onto -- can get the capital they need to plant new seeds of the economy we seek is one it's no longer based on maxed out press reports wild speculation. And the old cycles of boom or bust but rather one that is built on solid foundation supporting -- that strong sustained. And broadly shared by middle class families across America. That's what we're working toward every single and we will not stop until we get. Thanks and happy now."