President Obama to Convene Jobs Summit

President Obama said Thursday he will convene a meeting of White House officials, chief executives, small business owners and union leaders to discuss ways to create jobs and spur economic growth.

Speaking at the White House before leaving for a tour of Asia, the president touted the steps his administration has taken to boost jobs, including cutting taxes on the middle class and extending unemployment benefits. But Obama admitted those moves have "not yet led to the job growth we desperately need," according to the Wall Street Journal.

"We all know that there are limits to what government can and should do, even during such difficult times. But we have an obligation to consider every additional, responsible step that we can take to encourage and accelerate job creation in this country," the president said.

The administration maintains that infrastructure spending, energy-efficiency incentives, trade policy, business-tax cuts and other measures are ways to create new jobs.

Nearly 16 million people are unemployed, and the economy lost 190,000 jobs in October, leading to a 10.2 percent unemployment rate, Fox News reported.

The jobs summit will be held in December.