Economy Sees Another Month of Job Growth, But...

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President Barack Obama says the news of a fifth straight month of economic growth is evidence "we are moving in the right direction."

"Workers who were laid off, they're starting to get their jobs back," Obama said Friday while visiting a trucking company in Hyattsville, Md. "Companies that were almost forced to close their doors are making plans to expand and invest in new equipment."

The latest news has workers in places like hard-hit Benton, Mich., finding hope.

Unemployment rates in the town have hit 13.4 percent. Now, some residents in the state are trying to figure out how they can fit back into a growing economy, possibly under a new profession.

"I think for a lot of people it's just going to be retraining and refocusing in something that is in high demand," said Betsy Louks of the workforce development group "Michigan Works!"

Although the new jobs seem promising, experts say many of the jobs created last month weren't meant to last long.

"The problem, of course, is that a lot of this is coming from the census-- temporary hiring by the government," economist Dan Arnall explained. "[That's] 411,000 temporary census jobs."

Yet, even with those temporary jobs aside, Obama said there's "no doubt that we saw another month of private sector job growth."

"And that is obviously good," he continued. "Because when businesses are hiring again, people are spending again and that in turn gives businesses incentives to grow again."

Investors weren't affected by the optimism, with stocks plunging some 200 points in the opening minutes of the Friday session.

"The fact they only saw 20,000 coming from the private sector is a major disappointment," Arnall said. "It has a lot of people on Wall Street questioning the credibility of the recovery."

As of May, 15 million Americans are still unemployed.

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Paul  Strand

Paul Strand

CBN News Washington Sr. Correspondent

As senior correspondent in CBN's Washington, D.C., bureau, Paul Strand has covered a variety of political and social issues, with an emphasis on defense, justice, and Congress.  Follow Paul on Twitter @PaulStrandCBN and "like" him at Facebook.com/PaulStrandCBN.