Obama: US Economy is moving in the right direction

The US economy shed another 54,000 jobs in August, the third month in a row that jobs have been lost, official figures have shown.

However, the private sector created 67,000 jobs, the Labor Department said, more than analysts had been expecting.

President Barack Obama said that while jobs were being created, "they're not being made as fast as they need to."

He also said he would announce a series of proposals designed to create jobs and boost economic growth next week.