Obama Tells Panel U.S. Recovery Is Challenged by Jobless Rate

President Barack Obama told the first meeting of his panel of outside economic advisers that the U.S. must deal with stubbornly high unemployment even as the recovery from the recession is well under way.

“The biggest challenge that we’re seeing right now is that unemployment is way too high,” Obama told the 23-member President’s Council on Jobs and Competitiveness yesterday. The advisory group, led by General Electric Co. chief executive officer Jeffrey Immelt, replaces the President’s Economic Recovery Advisory Board, which was headed by former Federal Reserve Chairman Paul Volcker.