WASHINGTON (MarketWatch) -- President Barack Obama said Thursday he expects data due out Friday morning about gross domestic product will show that the economy contracted in the second quarter. However, Obama said recent economic indicators show that the economy has "stepped away from the precipice" and that fears about a depression have abated. But job losses are still "a huge problem," Obama said. Economists surveyed by MarketWatch are expecting growth to decline by 1.2%, annualized, in the second quarter. http://www.marketwatch.com/story/obama-expects-gdp-data-will-show-contraction-2009-07-30-1632270 Thank you Mr. President for the upfront news !