Obama's economy shows "glimmers of hope"

U.S. President Barack Obama reiterated  today that the economy is starting to see glimmers of hope, but adding that "by no means are we out of the woods just yet."

"From where we stand, for the very first time, we are beginning to see glimmers of hope," Obama said in a speech at Georgetown University in Washington.

Obama said his administration has taken a series of measures to jump-start the recession-hit economy, saying that "taken together, these actions are starting to generate signs of economic progress."

But he also warned that 2009 would continue to be a difficult year for the U.S. economy. 

"There is no doubt that times are still tough. By no means are we out of the woods yet," he said.

Obama said last week that what he is starting to see is glimmers of hope across the economy, meanwhile warning that the economy is "still under severe stress."