WASHINGTON, Dec 5: US President George W. Bush on Friday acknowledged for the first time that the US economy is in a recession after the release of official data showing the worst monthly job losses since 1974.

“Today’s job data reflects the fact that our economy is in a recession,” Bush said. “My administration is committed to ensuring that our economy succeeds, and I know the incoming administration shares the same commitment.”

The US president’s hastily announced remarks on the South Lawn of the White House came after official data showing US employers slashed 533,000 jobs in November, sending the unemployment rate to a 15-year high of 6.7 per cent and suggesting the economy is sinking faster than believed.

“I’m concerned about our workers who’ve lost jobs during this downturn,” he said. “We are focusing on the root causes of the economic downturn in order to return our economy to health.”

Bush, who hands the reins to Barack Obama on January 20, noted his administration had extended unemployment benefits and has been pursuing efforts to ease housing market turmoil and ease a painful credit squeeze.—AFP