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US President sees hopeful economic signs

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US President sees hopeful economic signs

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US President Barak Obama says he sees glimmers of hope in the American economy and promised further steps to tackle the economic crisis in the coming weeks.

Less than 3 months into his presidency he stopped short of saying the recession was bottoming out. He did however sound upbeat. He said: “We’re starting to see progress. What we’re seeing is glimmers of hope across the country. If we stick with it, if we don’t flinch in the face of difficulties, then I am absolutely convinced we will see this economy back on track.” Obama said he and his advisers discussed the stability of the financial system,the housing market and a programme to help banks clear their books of bad assets. Better than expected quarterly figures from the Bank of Wells Fargo and talk that US banks would pass the government’s stress test all helped sentiment. So US investors were also in buoyant mood, with Wall Street higher ahead of the Easter break.