JUDY WOODRUFF: Secretary Geithner, thank you very much for talking with us.

SECRETARY TIMOTHY GEITHNER: Thanks for having me.

JUDY WOODRUFF: Unemployment first. What does it say about our economy when the loss of another 540,000 jobs is viewed as slightly encouraging?

SECRETARY TIMOTHY GEITHNER: No, I agree with you. These are terrible numbers at one level, but it is important that the pace of job loss is slowing a bit. We had a long way to go, but that's an important beginning. But you're right, you know, half a million Americans lost their jobs again this month and this economy is still facing enormous challenges and there's just enormous pains still across the American economy.

JUDY WOODRUFF: There are some economists who are saying what really alarms them is...