White House chief economist to resign, return to academia

June 7, 2011 04:41

WASHINGTON - White House chief economist Austan Goolsbee said on Monday he would step down from his post and return to teaching later this year, in a setback for President Barack Obama as he tries to lift the US economy.

The White House said Goolsbee, chairman of Obama's Council of Economic Advisers, would depart in time to begin the upcoming academic year at the University Of Chicago where is a professor of economics in the graduate school of business.

"He has helped steer our country out of the worst economic crisis since the Great Depression, and although there is still much work ahead, his insights and counsel have helped lead us toward an economy that is growing and creating millions of jobs," Obama said in a statement.

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