Economy moving in right direction: US

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New York: With the world's largest economy climbing out of recession, US President Barack Obama has said there are clear signs that his Government's efforts to stimulate the economy were moving in the right direction, though there are challenges ahead.

In his weekly address on October 31, Obama said "I am pleased to offer some better news that -- while not cause for celebration -- is certainly reason to believe that we are moving in the right direction."

The US climbed out of recession as it grew by 3.5 per cent in the third quarter ending September 30 -- the first quarterly expansion in a year.

Besides, an independent federal board reported last week that nearly 650,000 direct jobs have been saved or created because of the various stimulus programmes.

"We can see clearly now that the steps my administration is taking are making a difference, blunting the worst of this recession and helping to bring about its conclusion," he said.

He, however, cautioned there is a long way to go before the United States returned to prosperity and said the economy is likely to see further job losses in the coming days.