This didn't take long:

"It is absolutely clear the economy is not doing fine," [President Obama] said in a brief appearance before cameras in the Oval Office following a meeting with Phillippine President Benigno Aquino.

Obama is of course referring to this. This is damage control, and it's good that it happened so quickly, but this statement isn't going to stop Republicans from raising millions of dollars and headlining dozens of commercials with his earlier statement that "the private sector is doing fine."