Obama says many months before US exits recession

WASHINGTON, Aug 1 - President Barack Obama warned on Saturday it would take ”many more months” for the United States to get out of recession even after GDP figures showed the economy shrank only modestly in the second quarter.

Mr Obama, who has defended his administration’s economic policies vigorously in recent weeks in the face of worsening unemployment numbers, said jobless figures next week would still show that too many Americans were losing work.