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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Obama meets top economic advisors AFP - Saturday, November 8 CHICAGO (AFP) - - President-elect Barack Obama Friday convened his high power panel of 17 economic advisors and was set to hold a press conference on another day of dismal news for the US economy. The meeting came with Obama under immediate pressure to establish the direction of his economic and fiscal policy before he inherits the recession-bound economy after his inauguration in January. At the start of the meeting in a Chicago hotel, Obama sat at a long table with vice president elect Joe Biden to his right and Paul Volcker, former chairman of the Federal Reserve to his immediate left. After the talks, Obama was to set to hold his first news conference since his election triumph Tuesday over Republican John McCain, starting around 1930 GMT. The government said Friday that the US unemployment rate rose to its highest level since 1994 in October, at 6.5 percent. The Labor Department said 240,000 jobs had been cut in October, the 10th straight month of job losses, and new revisions meant that a whopping 651,000 workers have lost their livelihoods in the past three months alone. Ahead of the advisory meeting, speculation was rife that Obama would move quickly to reassure jittery markets by announcing his pick for Treasury secretary. But Obama's aides said there would be "no personnel announcements" Friday, following the incoming president's selection Thursday of combative Illinois congressman Rahm Emanuel as his White House chief of staff. Obama started his third day as president-elect with a parent-teacher meeting at his two daughters' school with his wife Michelle, a reminder that the next First Family will be the youngest in decades. He was to hold more meetings to plan his transition to the White House, receive a now-daily classified intelligence briefing from the CIA, and record the weekly Democratic radio address airing Saturday. Aides said Obama would call more foreign heads of government after speaking Thursday with the leaders of nine US allies -- Australia, Britain, Canada, France, Germany, Israel, Japan, Mexico and South Korea. The global financial crisis, the Afghanistan war, climate change and the North Korean and Iranian nuclear crises dominated the talks, according to accounts from the various capitals. Most of the allied leaders are to attend an emergency summit of 20 nations on the economic crisis in Washington on November 15, but Obama has not yet announced whether he will take part in the event. The calls showed the center of political gravity slipping away from President George W. Bush as the Obamas prepared to head to the White House Monday to inspect their new home and discuss the enormity of the task ahead. Bush said he had directed "unprecedented" cooperation between his administration and Obama's staff before the Democrat is inaugurated in the first presidential handover since the September 11 attacks of 2001. One of Obama's most urgent priorities will be to wind down Bush's war in Iraq and redirect the military focus to hunting down Al-Qaeda and the Taliban in Afghanistan. But getting the US economy back in shape will be priority number one for the freshman senator from Illinois, who at 47 will be the fifth youngest US president to take office. Momentum for a tax and spending plan to boost the flagging US economy is growing after the election of Obama, who has supported rapid approval of a quick stimulus package by the outgoing Congress. House of Representatives Speaker Nancy Pelosi called in an interview published in The Wall Street Journal on Friday for a two-stage effort involving a 60-100 billion dollar stimulus deal in November. The California Democrat urged Congress to work together with the White House in the last days of Bush's term to pass the measure, the second such plan after a 150-billion-dollar package was adopted in February this year. Several names mentioned as potential Treasury overseers to command a 700-billion-dollar banking bailout were to attend the meeting later Friday with Obama and his vice president-elect Joseph Biden. They include former Treasury secretary Larry Summers, Volcker and Laura Tyson, chairwoman of the National Economic Council under former President Bill Clinton. "The Transition Economic Advisory Board will help guide the work of the Obama-Biden transition team in developing a strong set of policies to respond to the economic crisis," a statement from Obama's office said. The panel also includes former US Treasury secretary Robert Rubin, Michigan Governor Jennifer Granholm, former Clinton administration Labor secretary Robert Reich and Eric Schmidt, chairman and CEO of Google. Billionaire financier Warren Buffett was set to join the talks by telephone. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Budget deficit swells after financial bailoutAP - 2 hours 28 minutes ago UN officials: Angolan troops fighting in CongoAP - 2 hours 31 minutes ago US government presses NY appeal on detainee photosAP - 2 hours 36 minutes ago Hurricane Paloma powers up on path to Caymans, CubaAFP - 2 hours 43 minutes ago Fears of a Dem crackdown lead to boom in gun salesAP - 2 hours 44 minutes ago Enlarge Photo Obama has appointed Illinois congressman Rahm Emanuel, seen here in September, as his chief of staff, the first senior official to join the next administration. 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