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Bernanke: Long road to economic health

08-03-2010 09:36 BJT

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According to Federal Reserve Chairman Ben Bernanke, while the US economy continues to grow at a moderate pace, significant restraints remain on the recovery.

Federal Reserve Chairman Ben Bernanke says the US economy is improving but has yet to recover fully, with high unemployment and a weak housing market weighing on consumers.

Ben Bernanke, US Federal Reserve Chairman, said, "We have a considerable way to go to achieve full recovery in our economy, and many Americans are still grappling with unemployment, foreclosure, and lost savings."

In remarks to state legislators in Charleston South Carolina, Bernanke said it will take time for the nation to restore the jobs lost during the downturn.

Ben Bernanke, US Federal Reserve Chairman, said, "After two years of job losses, private payrolls expanded at an average of about 100,000 per month during the first half of this year, an improvement but still a pace insufficient to reduce the unemployment rate materially. In all likelihood, significant time will be required to restore the nearly 8-1/2 million jobs that were lost over 2008 and 2009."

Bernanke said the Fed believes inflation will remain subdued over the next couple of years, citing stability in measures of inflation expectations.

In response to the worst financial crisis since the Great Depression,the Fed slashed interest rates close to zero and engaged in a host of unprecedented emergency actions to help credit markets, including massive purchases of government and mortgage bonds.

 

Editor:Zhang Pengfei |Source: CNTV.CN

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