Obama sees 'glimmers of hope' in economy

WASHINGTON (CNN) -- The struggling U.S. economy may be starting to turn the corner, President Obama said Friday, citing several key indicators during a meeting with top economic advisers.

The administration is detecting "glimmers of hope across the economy," Obama said at the White House.

Obama specifically mentioned a significant increase in mortgage refinancing as homeowners seek to take advantage of low interest rates. He also mentioned, among other things, progress in spurring lending to small businesses and the mailing of stimulus tax cut checks in April.

The president warned, however, that the economy is "still under severe stress" and that further job losses are expected.

0:00/2:26Obama's millionaires club

He promised that the administration would be unveiling additional initiatives to spark economic growth over the next several weeks.

Obama made his remarks during a meeting with Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corporation Chairwoman Sheila Bair, Securities and Exchange Commission Chairwoman Mary Shapiro, and Comptroller of the Currency John Dugan, among others. 


Fed pushes back recovery forecast
Treasury asks banks to be mum