Addressing the reporters in his Oval Office on Thursday the US President Barack Obama said that the reports to be released on GDP would show the national economy contracted and job losses are still a serious problem. Meantime, Obama noted that the U.S. credit and banking systems had settled down -- a sign the economy had stepped away from a dangerous ledge.

Talking about the GDP Obama said that exact figures had not been shown to him yet. His words were based on the consensus by economists that the U.S. economy had seen a "significant slowing down of the contraction over the last several months."

"I suspect that the GDP numbers will still show that the economy contracted in the second quarter (and) that job loss is still a huge problem," Obama said.

"We're not going to rest until we have seen not just a technical improvement in GDP, but until the American people's job prospects, their incomes have rebounded. And that's going to take some time," he said.

Economists polled by Reuters forecast a 1.5% contraction in the U.S. economy in the second quarter while contraction for the first quarter made up 5.5%.

Pointing to the improvements achieved over the recent months Obama said that there are less reasons for the fears that America could slide into another Great Depression.

"The credit system, the banking system, the financial markets generally have settled down. You're not seeing the huge volatility or panic that you were seeing," Obama said.

"All of that is a sign that we have stepped away from the precipice."