Obama will boost aid to banks that lend to small businesses and pushes Congress to increase caps on federal small-business loans.
Consumer spending increased 1.3 percent in August, but a key reason was the 'cash for clunkers' program. Also, initial claims for unemployment rose last week, but the four-week average for claims fell slightly.
He called on the financial industry to join in an effort to update regulations for the 21st century.
President Obama delivers a major economic speech Monday to assess progress in the year since Lehman Brothers' collapse ignited a financial crisis.
Job losses for July totaled 247,000 – the lowest level since August of last year.
Second quarter GDP declined by 1 percent, compared with 6.4 percent in the first quarter. Will economic recovery be stronger than expected in the second half of the year?
Economists see in second-quarter report some signs that the groundwork is laid for an upturn.
Most hourly workers already earn more than the minimum, but some say the new rate of $7.25 an hour will be a modest boost to those earning the least.