[Weekly Compilation of Presidential Documents Volume 44, Number 44 (Monday, November 10, 2008)]
[Pages 1401-1402]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the National Economy

November 7, 2008

    Today we received monthly job report numbers that reflect the 
difficult challenges confronting our economy. We are in the midst of a 
global financial crisis, and tight credit markets have made it harder 
for businesses to borrow the money they need to meet their payrolls, 
grow, and create new jobs.
    The Federal Government has taken aggressive and decisive measures to 
address this situation. It will take time for these measures to have 
their full impact on an economy in which many Americans are struggling. 
But in recent days, we have seen some encouraging signs. The market for 
lending between banks has loosened considerably, and the Federal 
Reserve's efforts to stabilize the commercial paper market have provided 
businesses with an urgently needed source of financing for day-to-day 
operations.

[[Page 1402]]

    In the weeks ahead, my administration will continue working to 
return our economy to the path of prosperity and growth. I will continue 
urging Members of Congress to approve free trade agreements with 
Colombia, Panama, and South Korea, and I look forward to hosting an 
international financial summit with leaders of both developed and 
developing nations on November 15.
    I understand that Americans remain deeply concerned about the 
challenges facing our economy, but our economy has overcome great 
challenges before, and we can be confident that it will do so again.

Note: The Office of the Press Secretary also released a Spanish language 
verision of this statement.