Obama Unveils New Economic Team

NEW YORK ( TheStreet) -- President Barack Obama announced four changes to his economic team today as he focuses on job growth to spur economic recovery.

Obama appointed former Clinton adviser Gene Sperling as the director of the National Economic Council and named Jason Furman the principal deputy director of the NEC.

Obama also nominated Katharine Abraham to the Council of Economic Advisers and Heather Higginbottom as the deputy director of the Office of Management and Budget.
President Barack Obama

In his public address from Landover, Md., today, Obama was optimistic that job creation and business growth are the keys to a full economic recovery in the U.S.

"The pace of hiring is beginning to pick up," he said.

Today the Labor Department reported the U.S. economy added 103,000 jobs in December, falling short of the 150,000 additions that economists had been expecting, according to Briefing.com.

The unemployment rate fell to a better-than-expected rate of 9.4%, from 9.8%, previously, outpacing estimates for a December rate of 9.7%.

Obama urged businesses to continue to hire employees in order to stimulate the economy and promised the nation a full recovery.

"We will not rest until we have fully recovered from this economic recession," Obama said.

-- Written by Theresa McCabe in Boston.

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