Summers: U.S. economy improving despite setbacks

The U.S. economy is "moving upwards" despite setbacks, including the European crisis that slowed global growth and a buildup of inventories at home, White House economic adviser Larry Summers said on Tuesday.

Summers, speaking at a conference on the U.S. workforce, said the economy was "not fulfilling the promise" that it had shown in the spring because of the headwinds.