15 Apr 2009

Not out of the woods yet, says Obama, but ..

9:01 pm on 15 April 2009

President Barack Obama says there are signs of progress in battling the recession, but the US is not yet "out of the woods".

"There is no doubt that times are still tough," Mr Obama said in a speech at Georgetown University. "But by no means are we out of the woods just yet.

"But from where we stand, for the very first time we are beginning to see glimmers of hope."

The President said that his $US787b economic recovery package, together with steps to recapitalise banks, unfreeze credit markets, stabilise the housing market and shore up the ailing auto industry, were "starting to generate signs of economic progress".

Schools and police departments had cancelled planned layoffs, clean energy companies and construction companies were rehiring workers, and home-owners were refinancing at lower interest rates.

Mr Obama warned, however, of more job losses this year and more people losing their homes.