Economy's Steep 1st Quarter Contraction Shows U.S. Still Recovering: White House

Holiday shoppers walk along 5th Avenue in New York, Nov. 23, 2012. Brendan McDermid--Reuters

WASHINGTON (Reuters) - The White House said on Wednesday a steep contraction in the U.S. economy in the first quarter shows that recovery from the recession is still in progress, but noted that other indicators for April and May suggest a rebound in the second quarter.

"The recovery from the great recession, however, remains incomplete, and the president will continue to do everything he can to support the recovery, either by acting through executive action or by working with Congress on steps that would boost growth and speed job creation," said Jason Furman, chairman of the Council of Economic Advisers, in a statement.