Obama: The Economy Is "Booming"

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PRESIDENT OBAMA: This morning we learned that our economy created over 200,000 new jobs in July. That's on top of about 300,000 new jobs in June. So we are now in a six-month streak with at least 200,000 new jobs each month. That's the first time that has happened since 1997. Over the past year, we've added more jobs than any year since 2006. All told, our businesses have created 9.9 million new jobs over the past 53 units. That's the longest streak of private sector job creation in our history.

As we saw on Wednesday, the economy grew at a strong pace in the spring. Companies are investing, consumers are spending and American manufacturing, energy, technology, autos all are booming. And thanks to the decisions that we've made and the resilience of the American people, we've recovered faster and come farther from the recession than almost any other advanced country on earth. So the good news is the economy clearly is getting stronger, things are getting better, engines are revving a little bit louder.

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