World leaders will gather in Washington on November 15 for a summit on the global financial meltdown. The White House has said it does not expect the president-elect to attend, but Obama has not yet stated his plans.

Reports released on Wednesday showed the US private sector jobs market deteriorated rapidly in October and the service sector contracted sharply, highlighting the economic challenges for Obama.

Appearing in the White House Rose Garden, Bush said he had spoken with Obama and congratulated him on an impressive victory that represented a "dream fulfilled" for civil rights. He pledged his cooperation in the transition.

Obama named three leaders of his transition effort -- his Senate chief of staff Pete Rouse, close friend and adviser Valerie Jarrett and Bill Clinton's former White House chief of staff John Podesta.

The first-term Illinois senator has been planning for the transition for weeks and is expected to move quickly to fill positions at Treasury, the State Department and Homeland Security.

The job offer to Emanuel, a Democratic congressman from Chicago who worked in President Bill Clinton's White House, came within hours of his victory, party sources said.

A QUIET MORNING

But Obama's first morning as president-elect was spent in more prosaic pursuits. He had breakfast at home in Chicago with his two daughters, then headed to the gym for a workout.

The son of a black father from Kenya and white mother from Kansas, Obama's triumph over Republican rival John McCain on Tuesday was a milestone that could help the United States move beyond its long struggle with racism.

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