US economy resists headwinds: Obama

US President Barack Obama said after meeting with Federal Reserve Chairman Ben Bernanke that the US economy is strengthening even as it faces “headwinds” because of concerns about the European debt crisis.

This news comes as US stocks tumbled yesterday when they opened after a sharp decline in consumer confidence and fresh concerns over eurozone fiscal problems ahead of massive bank repayments to the European Central Bank this week.

US consumer confidence dropped sharply in June after rising for three months on worries about the labour market, according to a report from the Conference Board. Mr Obama said at the White House after a meeting with his economic advisers: “We have seen some very positive trends in a number of sectors, unfortunately because of the troubles we’ve seen in Europe we’re now seeing some headwinds and skittishness and nervousness on the part of the markets.”