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Obama 'Confident' U.S. Will Avoid 'Double-Dip' Recession

CHICAGO -- President Barack Obama says he is confident the nation will not suffer the "double dip" of back-to-back recessions.

The rebound of the U.S. economy appears to be slowing, prompting fears that the nation will slide into recession again after a brief period of growth.

Obama told a CNBC interviewer he was confident that won't happen.

He acknowledged that much work remains on problems such as long-term unemployment. But the president expressed confidence that the economy is moving in the right direction.

U.S. economic growth slowed to 2.4 percent from April to May, down from 3.7 percent in the first three months of the year.