July 8, 2011

The U.S. economy is not facing a double-dip recession, but weak job growth is “a call to arms” for policymakers to take steps to reinvigorate the private sector, a top White House adviser said on Friday.

“This is not a double dip,” Council of Economic Advisers Chairman Austan Goolsbee told Reuters Insider after the government report showed the economy created only 18,000 jobs in June. “This is a reflection and reiteration that the growth rate slowed at the beginning of this year.”

“This should be a call to action,” he added. “We need to take bipartisan action to help the private sector stand up and start growing, hiring and investing,” Goolsbee said.

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