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President Barack Obama, providing an update on the U.S. economy, says the actions his administration has taken to revive growth and unlock lending are starting to generate signs of progress.

But he will warn in a speech at Georgetown University that the "hard times" aren't over.

"There is no doubt that times are still tough. By no means are we out of the woods just yet," Obama will say, according to excerpts of his address released by the White House. "But from where we stand, for the very first time, we are beginning to see glimmers of hope."

In his remarks, Obama will point to cancelled layoffs at schools and police departments, a boost in "green" jobs and a rise in home-mortgage refinancing.

But he will balance the bright spots with blunt talk of the challenges ahead for the sputtering economy.

"This is all welcome and encouraging news, but it does not mean that hard times are over," he will say. "2009 will continue to be a difficult year for America's economy. The severity of this recession will cause more job loss, more foreclosures, and more pain before it ends. The market will continue to rise and fall. Credit is still not flowing nearly as easily as it should. The process for restructuring AIG [American International Group Inc.] (AIG) and the auto companies will involve difficult and sometimes unpopular choices."

"All of this means that there is much more work to be done," Obama will say. "And all of this means that you can continue to expect an unrelenting, unyielding, day-by-day effort from this administration to fight for economic recovery on all fronts."

-By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; henry.pulizzi@dowjones.com