PHILADELPHIA - US President Barack Obama stoutly defended his economic record on Tuesday after a stream of bad news - and an uncharacteristic verbal misstep of his own - rallied Republican hopes that they can defeat him in November.

Acknowledging there is still a "long way to go" to repair the damage done by a recession he inherited, Obama insisted the American economy was on the right track despite recent signals that the country's recovery might be fading.

"What we have been able to do over the last 3-1/2 years, after a decade in which we had been moving in the wrong direction, is to begin to point towards a trajectory where here in this country, everybody is getting a fair shot," he told supporters at the first of a string of fundraising events.

His remarks to supporters, after what some political pundits say has been the worst week of his presidency, took care not to deny the subdued tone of recent economics indicators, but remained upbeat about the country's future.

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