Fed Chief: Modest Growth Should Continue
By: Vertex News
Updated: February 29, 2012
Federal Reserve Chairman Ben Bernanke forecasts continued modest growth in the national economy.
Testifying before Congress, Bernanke noted the economic recovery is moving along at an uneven pace.
He expressed optimism about a drop in the jobless rate but cautioned that the jobs situation remains "far from normal."
The national unemployment rate dropped to eight-point-three percent in January.
It was nine-point-one percent last August.
Bernanke said the decline in the unemployment rate over the past year has been, quote, "somewhat more rapid than might have been expected, given that the economy appears to have been growing during that time frame at or below its longer-term trend."
Bernanke expressed concern about the ongoing slump in the housing sector.
He said inflation should remain relatively low but cited worries about the global oil situation and the impacts on U.S. gas prices.
Bernanke said interest rates should remain low for a couple more years at least.
Bernanke is also keeping a wary eye on the European debt crisis and possible global consequences.
Testifying before Congress, Bernanke noted the economic recovery is moving along at an uneven pace.
He expressed optimism about a drop in the jobless rate but cautioned that the jobs situation remains "far from normal."
The national unemployment rate dropped to eight-point-three percent in January.
It was nine-point-one percent last August.
Bernanke said the decline in the unemployment rate over the past year has been, quote, "somewhat more rapid than might have been expected, given that the economy appears to have been growing during that time frame at or below its longer-term trend."
Bernanke expressed concern about the ongoing slump in the housing sector.
He said inflation should remain relatively low but cited worries about the global oil situation and the impacts on U.S. gas prices.
Bernanke said interest rates should remain low for a couple more years at least.
Bernanke is also keeping a wary eye on the European debt crisis and possible global consequences.
