The White House says the economy is mending, though it remains vulnerable and faces increasing long-term challenges from an aging population.
The annual Economic Report of the President portrays an economy that "unquestionably stands on firmer ground" than when he assumed office in 2009, but says the aftereffects of the recession still linger.
In the report, President Barack Obama says that though the economy is adding jobs, too many Americans still can't find full-time employment.
The report gives a sober assessment of an aging population, noting that the only major age group that will grow faster over the next 30 years than it did during the last 60 years is people aged 65 and up. An older America means greater demands on government services, a smaller workforce and less household consumption.