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Administration says economy poised for gains

President Barack Obamas advisers said the economy is on track to strengthen and add more jobs in the next two years because many of the impediments to faster growth have subsided.

By Roger Runningen | Updated on March 10, 2014
President Barack Obama and first lady Michelle Obama walk hand in hand across the South Lawn to the White House, Sunday, March 9, 2014, in Washington, as they arrive from Florida. (AP Photo/Carolyn Kaster)

March 10 (Bloomberg) — President Barack Obama’s advisers said the economy is on track to strengthen and add more jobs in the next two years because many of the impediments to faster growth have subsided.

The unemployment rate has dropped to the lowest levels in more than five years, deficits have been cut by more than half, housing is on the rebound, manufacturers are adding jobs for the first time since the 1990s and exports are accelerating, Obama said in an annual economic report to Congress.

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