Obama appreciated the way US economy fought the meltdown but warned that it would still take some time for the full economic recovery.
“Thanks to the bold and decisive action we have taken since January, I can stand here with confidence and say that we have pulled this economy back from the brink," Obama said.
“We are by no means out of the woods. A full and vibrant recovery is still many months away."
The Federal Reserve's regional survey, which was issued on Wednesday, Sep 9, found that nearly all regions of the country reported their economies were stabilised or growing.
However, it warned that most regions were still experiencing “flat' retail sales and 'weak' labour markets