US President Barack Obama on Friday pointed to some signs of progress for the US economy, which is going through one of its longest and deepest recessions since the Great Depression.
US President Barack Obama on Friday pointed to some signs of progress for the US economy, which is going through one of its longest and deepest recessions since the Great Depression.
"What you're starting to see is glimmers of hope across the economy," Obama said after a meeting at the White House with Federal Reserve Chairman Ben Bernanke and other economic advisors.
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"We're starting to see progress and if we stick with it, if we don't flinch in the faces of difficulties, then I feel absolutely convinced that we're gonna get this economy back on track," Obama said.
His remarks came one day after US banking giant Wells Fargo surprised investors by reporting a record $3-billion profit in the first quarter, its highest ever. The news sent stocks surging amid hopes that a devastating financial crisis may have reached bottom.
Obama said the government had made some progress in freeing up bank lending, especially to small business that rely on regular loans to keep their daily operations running. The first payouts from tax cuts approved as part of an unprecedented $787-billion stimulus package earlier this year were also reaching consumers this month.
"We've still got a lot of work to do," Obama said.
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