Obama says no new stimulus package needed yet

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WASHINGTON, June 23 (Xinhua) -- U.S. President Barack Obama has said that he does not think a second economic stimulus package is needed yet even though the nation's economy continues to struggle.

More time is needed to assess the effectiveness of the 787-billion-dollar economic stimulus plan, the administration's first one, enacted early this year, Obama told a press conference held Tuesday in the White House.

"I think it's important to see how the economy evolves and how effective the first stimulus is," he said.

The president predicted the U.S. unemployment rate is likely to exceed 10 percent.

"I think it's pretty clear now that unemployment will end up going over 10 percent, if you just look at the pattern, because ofthe fact that even after employers and businesses start investing again and start hiring again, typically it takes a while for that employment number to catch up with economic recovery," Obama said.

"And we're still not at actual recovery yet," he added.

U.S. President Barack Obama speaks during a news conference in the Brady Press Briefing Room of the White House in Washington D.C., capital of the United States, June 23, 2009. (Xinhua/Zhang Yan)