Obama sees progress - and more pain - before recession ends

Washington - Celebrating his 100th day in office, President Barack Obama said he was happy with his efforts so far in stabilizing the US economy but warned of more job losses before the country's 16- month long recession comes to an end.

"I am pleased with our progress but I am not satisfied," he said in a press conference at the White House. "Millions of Americans are still without jobs and homes, and more will be lost before this recession is over."

Obama's remarks came after government figures showed the US economy shrank 6.1 per cent in the first quarter of this year, though the Federal Reserve touted signs that the outlook had "improved modestly" over the past few weeks.

Obama asked for "patience" from the public and also reiterated his long-running theme that the country had to build a "new foundation for growth" in the coming years that was less reliant on debt and lax regulations of financial institutions.

"Even as we clear away the wreckage of this recession ... we can't go back to an economy that is built on a pile of sand," Obama said.

The global economy has largely been brought down by excessive risks taken in financial sectors, especially in the US housing market that began folding in mid-2006.

Obama said he expected far-reaching reforms on how Wall Street is regulated to be adopted by the end of the year. (dpa)

Business News: