President Obama said today in a White House press conference that "the private sector is doing fine."

"The truth of the matter is that, as I said, we’ve created 4.3 million jobs over the past 27 months, over 800,000 just this year alone," Obama said. "The private sector is doing fine."

The president's assessment of the private sector comes at a time when the economy is indisputably weak, when unemployment is above 8 percent, and when average incomes for Americans are falling.

UPDATE: The Romney campaign responds with this statement from spokesman Ryan Williams:

Today, President Obama inexplicably claimed that "the private sector is doing fine." But the 23 million Americans who are struggling for work are not "doing fine." Job creators and small businesses are not ‘doing fine.’ The middle class is not "doing fine." There is no denying that President Obama has been fundamentally hostile to job creators and his policies have prevented our economy from rebounding. America needs a president who understands the economy and knows how to get our country back on track.

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