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Obama says U.S. economy on path to recovery

U.S. President Barack Obama said on Tuesday that a promising report on the state of U.S. manufacturing is a sign that the country is "on the path to economic recovery."

Obama made the comment after the Institute of Supply Management said its index of the factory sector, also known as the purchasing managers index, jumped to 52.9 percent in August after 18 months of decline. Any number above 50 indicates growth.

The president said: "This is another important sign that we are heading in the right direction and that the steps we have taken to bring our economy back from the brink are working."

Despite the positive data, the president also warned: "There is no doubt that we have a long way to go."

"I and the other members of this administration will not let up until those Americans who are looking for jobs can find them," Obama added.

Analysts said that U.S. manufacturing has been emerging from its slump as companies replenish stockpiles from big production cuts over the past few months, and also thanks to a resurgence in auto sales, lifted by government incentives in the "Cash for Clunkers" program.  

 
 
 Source : Xinhua  Editor: Ivy
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