U.S. President Obama said in a speech on economy Tuesday that recent stimulus measures are starting to generate signs of economic progress, but more tough times are ahead.

We are not out of the woods by no means, Obama said. But we are beginning to see glimmers of hope.

The White House described Obama's speech at Georgetown University in Washington as a major address on the economy.

Quoting Jesus’ Sermon on the Mount, Obama said the economy must be built on rock, not sand.

The president noted progress on many things: Local governments have cancelled layoffs of police and teachers, millions of families could take advantage of lower interest rates to refinance their mortgages, small businesses are finding it easier to borrow and more credit is beginning to flow to support student loans and auto loans.

He also warned that economic improvements do not mean hard times are over, there will continue to be a difficult year in 2009 for America's economy… The severity of this recession will cause more job loss, more foreclosures and more pain before it ends.

Even after the recession ends , long-term threats to the economy will still remain for two or five or ten years, if we don't invest in renewable energy or a skilled workforce or a more affordable health care system. he said.

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