The Hill News

The U.S. economy's outlook is "uncertain," one of President Obama's top economic advisers said Thursday.

National Economic Council (NEC) Director Larry Summers said that while the economy still suffers from a number of jitters, the risk of the economy slipping back into recession -- a "double-dip" recession -- are low.

"Of course the economy -- economic outlook -- is uncertain. We're coming out of the worst financial crisis in 75 years, since the Great Depression," Summers said during an appearance on MSNBC. "What the president inherited was the worst economic legacy in a very, very long time. So it was inevitable that there was going to be tremendous uncertainty, and that uncertainty remains to some degree."

The administration has seen some positive numbers during the first half of this year, with some signs of growth and job creation. But as some temporary government jobs related to the Census begin to end are reflected in jobless numb! ers, and as some key indicators continue to stall, the administration and Democrats in Congress get nervous that the economy won't have recovered by this fall's elections.

Sen. Ted Kaufman (D-Del.) expressed earlier this week the fears Democrats had when it came to the prospect of recovery.

"Up until now, the economy's been looking really good," he said Monday. "But if we go into a double dip, that's going to be bad for us."

Summers defended the Obama administration's management of the economy, saying that while some indicators may have been below expectations, they'll balance out toward the positive over the long run.

"I'm not aw! are of any major forecaster who's predicting a double-dip at t! his poin t," he explained. "The likelihood is of continued employment and output growth going forward, and that's obviously what we need."