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Obama: Economy showing ´glimmers of hope´

WASHINGTON, April 11 – US President Barack Obama has said the US economy is beginning to show glimmers of hope despite remaining under stress. And he signalled more steps were coming to brighten the business climate.

Obama made the comments after meeting at the White House with members of his economic team, including Treasury Secretary, Timothy Geithner, economic advisor, Larry Summers and Federal Reserve Chairman, Ben Bernanke.

He said, "The economy is still under severe stress losing their jobs."

Obama said there had been a significant upturn in the number of homeowners seeking to refinance their mortgages, which will put money back into their pockets.

But he also noted the high rate of national joblessness, which climbed to 8.5 percent in March.

Obama said he and his advisers discussed the stability of the financial system, the housing market and a program to help banks clear their books of bad assets that have made normal lending difficult.

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