Obama's top economic adviser Goolsbee to quit

WASHINGTON: The top economic adviser to US President Barack Obama, Austan Goolsbee, has announced his decision to leave the White House this summer.

The development is considered to be a setback for Obama, especially as it comes at a time when his administration is struggling to bring the economy back on track.

The announcement by Goolsbee, Chairman of the President's Council of Economic Advisers (CEA), that he plans to return to his position as the Robert P Gwinn Professor of Economics at the University of Chicago Graduate School of Business came as a surprise to many, given that the economy is going to play a major role in Obama's reelection next year.

In a statement, Obama described him as one of "my most trusted advisers" and one of "America's great economic thinkers".

"Over the past several years, 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.

Goolsbee said he looks forward to returning home to Chicago, but will always be proud of the years spent working for President Obama.

"I believe that his (Obama's) judgement, his courage in confronting the worst economic crisis of our lifetimes, and his commitment to the American people have made a tremendous difference for the nation," Goolsbee said.