Obama: Economy has "Core Strengths"

President Barack Obama said Monday the U.S. economy is in good shape for the long term thanks to "core strengths" such as its universities, its innovation and a dynamic workforce.

But he also noted again how 2009 has been a sobering year for millions of newly unemployed people.

"We cannot sit back and be satisfied given the extraordinarily high unemployment levels that we've seen," Obama said in wrapping up a session with his Cabinet as other senior aides packed the meeting room. "We have only taken the first step in curing our economy."

The unemployment rate stands at a 26-year high of 10.2 percent, overshadowing more upbeat indicators such as a return in growth of the overall economy.

Obama told reporters that his Cabinet discussion included matters of national security and the upcoming budget, but the emphasis was on job creation. He recapped both his administration's efforts to help stabilize the financial sector and the web of challenges that have slowed an overall recovery.

"There are core strengths to the American economy that will put us in good stead over the long term," Obama said. He said the key is bridging that gap toward a more prosperous time and promised the gathered reporters he will not let up "until businesses are investing again and businesses are hiring again."

The president took no questions and did not respond to a reporter's query about the president's Afghanistan war review.