US economy boosted by job data

US President Barack Obama has said the latest job report is another sign the world's largest economy is on the road to recovery. During November, job cuts eased to 11-thousand and the jobless rate also softened. Despite the encouraging signs, Obama has stressed a lot more work still needs to be done.

Two years of steep US job cuts all but ended in November, pulling down the unemployment rate and raising hopes for a economy recovery.

Obama said on Friday, that a slowdown in job losses was a welcome sign of better days ahead. But he emphasized that there was still be a long way to go in the US economic recovery.

US President Barack Obama said, "I consider one job lost one job too many. And as I said yesterday at a jobs conference in Washington, good trends don't pay the rent. We need to grow jobs and get America back to work as quickly as we can. The journey from here will not be without setbacks or struggles. There may be gyrations in the months ahead. There are going to be some months where the reports are a little better, some months where the reports are worse, but the trend line right now is good and the direction is clear."

Speaking at an economic convention in Pennsylivania, Obama also urged big banks to make credit more widely available to Main Street.

Obama also said, "Having been way too easy in terms of giving credit. Now banks have swung in the opposite direction and they are not giving any credit to some very credit-worthy businesses. They used to say yes to everything, now they are just saying no to everything and part of what our message to the banks is- the taxpayers were there for you to clean up your mistakes, you now have a responsibility to be there for the community now that we are bearing the brunt of a lot of these problems that you caused."

The US president hopes to meet with bankers before the end of the year.

Although the job data has improved, competition for new hiring is still intense. Obama is drafting a proposal to try to stimulate hiring. The prescient plans to outline his new job bill in a speech in Washington on Tuesday.