Last year, Harry Reid said pretty close to the same thing President Obama said on Friday about the health of the nation's private sector. Obama claimed that "The private sector is fine." On the Senate floor on October 19, Reid claimed that "It's very clear that private-sector jobs have been doing just fine."
Don't feel bad if you don't know this, because the press mostly ignored it. The few who did notice it worked mightily to excuse it. One of the chief excusers was Pete Kasperowicz at the Hill: