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times would pass without comment now suddenly people wonder, well, what r we going to go back to this terrible crisis. and all that affects consumer confidence, it affects business confidence. it affects the capital markets. and so our task is to not panic. reporter: even mentioning the word panic is a stark contrast to the president s message on the economy over the past few months. during february, march, and april, joshes growth was fairly robust and the president s tone was consistently positive and confident. here s how the president spoke about the recovery just last month. we re moving in the right direction. the fact that the economy is growing is a good thing. reporter: so what happened to make the president lose that confident tone? well, white house advisors say more than anything else it was that dismal may jobs report. and today the president said it s still not clear if that was just one month of bad news or the beginning of a trend. scott? pelley: tha
if you are one of the americans growing increasingly frustrated about the economy, the president and the chairman of the federal reserve joins you today. at the white house, president obama said the economy had run into some head winds but he added this. i m not concerned about a double-dip recession, i am concerned about the fact that the recovery that we re on is not producing jobs as quickly as i want it to happen. pelley: and not as quickly as the chairman of the fed wants it. ben bernanke said late today that the job market has lost some momentum. here s what he means. take a look at this. this is how jobs recovered during past recessions. the dip and then the recovery. now look at what s happened since 2007. never since the great depression have so many jobs been lost and failed to come back for so long. nearly four years after the start of the recession, unemployment still averages nearly 40 weeks. chip reid was at the white house with the president. chip? report