In response to the mounting criticism that the $787 billion stimulus package that he pressed on in the Congress is not proving effective enough to prevent job losses in a still-stressed economy, President Barack Obama - who is currently traveling abroad - said on Saturday that the spending would bring better results later this year.

Saying that more time was needed for the spending to yield a better impact on the economy, Obama stated in his weekly radio and Internet address: "When we passed this recovery act, there were those who felt that doing nothing was somehow an answer. Today, some of those same critics are already judging the effort a failure although they have yet to offer a plausible alternative."

The comments from the US President have come in the wake of government statistics, indicating a 9.5 percent increase in unemployment rate in June - noticeably higher than the 8 percent peak that the White House had predicted when the stimulus package was passed. Furthermore, Obama has now cautioned that unemployment rate may even soar beyond 10 percent in the next few months.

Adding that most of the critics, who are saying that the stimulus plan is not working, include some GOP leaders who have little credibility in Congress, Obama noted that in any recession, the recovery in unemployment rates is much slower than other measures of economic activity.