Obama hails fall in US unemployment rate

President Barack Obama hailed a drop in the US unemployment rate today as he named a political veteran to a top economic post.

Obama said the new figures showed a trend in the right direction even though the numbers are fluctuating and hiring and growth must still accelerate.

The December jobs report out today showed the US unemployment rate fell to 9.4%, the lowest level since May 2009. That was because more people found jobs, but also because many gave up on their job searches.

Obama pointed to optimistic economic forecasts for the year ahead. He said: “The trend is clear.”

He was speaking at a window manufacturing plant in suburban Maryland, where he also made some personnel announcements on key economic posts.

He named veteran economic adviser Gene Sperling to head the National Economic Council, a key role for a White House intent on driving down unemployment further.