Washington: US President Barack Obama on Wednesday urged US companies to invest in America and bring jobs home, calling insourcing jobs a smart strategy.

“We have heard from several experts and business leaders today, we are at a unique moment in our recent history where factors like rising American productivity and increasing competitive costs at home mean the economic case to invest in America and bring jobs back home is strong and getting stronger,” Obama said.

He was speaking after attending a business leaders' forum at the White House, agency reported.

'These companies are choosing to invest in the one country with the most productive workers, best universities, and most creative and innovative entrepreneurs in the world: the United States of America.

“That is exactly the kind of commitment to country we need - especially now, at this make-or-break moment for the middle class,” he said.

“We've got to do more. In the next few weeks, I will put forward new tax proposals that reward companies that choose to bring jobs home and invest in America, and eliminate tax breaks for companies that move jobs overseas,” Obama noted. 

According to the latest report from the Labor Department, the US unemployment rate edged down to 8.5 percent in December, the lowest level since February 2009.

The economy has added private sector jobs for 22 months in a row. In 2011 alone, nearly two million private sector jobs were created, more than in any year since 2005.

“The economy is moving in the right direction. We are creating jobs on a consistent basis,” Obama commented on the December job figures last Friday, stressing those efforts would not stop 'until every American who wants to find a good job can find one'.

“We need faster economic growth to address the more than eight million jobs lost from the recession and put more Americans back to work,” the White House said in a report released in conjunction with the forum.

The report pointed out that over recent months, outside analysts have examined the increasing relative attractiveness of the US as a location for manufacturing.

“We must seize this moment right now. It can make all the difference for the strength of our economy,” Obama said stressing that he would do everything in his power to help companies to bring jobs back to the country.

(Agencies)