WASHINGTON (AP) — President Barack Obama is hailing new figures showing the economy grew at a 3.5 percent rate in the third quarter, saying the country has "come a long way" since early this year.
In remarks prepared Thursday for a small business group, Obama said he believes the new figures are "an affirmation that this recession is abating and the steps we've taken have made a difference." The economy had shrunk by 6.4 percent in the first quarter.
The president cautioned, however, that "we have a long way to go to fully restore our economy" and recovery from the deepest business slump since the 1930s-era Great Depression. He called the report "welcome news."
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