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STORY: Republican presidential hopeful Mitt Romney conceded the election to U.S. President Barack Obama in a brief, five minute concession speech.
"I have just called President Obama to congratulate him on his victory. His supporters and his campaign also deserve congratulations, this is a time of great challenges for America and I pray that the President will be successful in guiding our nation," Romney said.
Obama, America's first black president, won by convincing voters to stick with him as he tries to reignite strong economic growth and recover from the worst recession since the Great Depression of the 1930s. An uneven recovery has been showing some signs of strength, but the country's 7.9 percent jobless rate remains stubbornly high.
