Lawrence Summers, National Economic Council Director, said that it will take time to work through the problems on jobs.

The US is in a different place now than where it was 9 months ago. The administration cannot rest until the economy gains jobs at a sufficient rate that will bring employment back to satisfactory levels. Experience suggests that the creation of jobs follows growth in output by some months. We are likely to see growth in Q3 so it is likely that it will be several months before we see growth in jobs. He agreed with yesterdays remarks by Ben Bernanke that if the US doesn’t get the deficit under control it could put pressure on the dollar.