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Other News: Obama Predicts More Job Losses, Helicopter Crashes in Afghanistan

In other news, President Barack Obama predicted job losses would likely continue to rise for the next few months, and six civilians working for NATO died in Afghanistan when their helicopter crashed.

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    In other news today, President Obama acknowledged Americans are still losing jobs, and he warned that's likely to continue for some time. At the White House, he said the unemployment rate of 9.5 percent will climb even higher.


    My expectation is, is that we will probably continue to see unemployment tick up for several months. And the challenge for this administration is to make sure that, even as we are stabilizing the financial system, we understand that the most important thing in the economy is, are people able to find good jobs that pay good wages?


    Later in Michigan, the president said generating new kinds of businesses and industry is critical. He said, "The hard truth is that some of the jobs that have been lost in the auto industry and elsewhere won't be coming back."

    The latest economic data from June has raised fresh concerns about inflation. Government reports today said retail sales rose more than 0.5 percent in June, partly due to higher gas prices. And overall wholesale prices jumped by nearly 2 percent also in June.

    But the investment bank Goldman Sachs reported profits jumped 33 percent in the second quarter. And on Wall Street today, the Dow Jones industrial average gained more than 27 points to close at 8,359. The Nasdaq rose 6 points to close at almost 1,800.

    In Afghanistan, a civilian helicopter working for NATO went down in the south. Six Ukrainian crew members were killed, along with an Afghan child on the ground. The helicopter's owners said it was shot down in Helmand province, where U.S. and British forces are battling the Taliban. NATO said the cause was under investigation.

    Also today, two more U.S. Marines were killed in that same region. And to the west, an Italian soldier died in a roadside bombing.

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