Those out-of-work Americans hoping to hear something encouraging from the general direction of Capitol Hill wouldn’t like what Federal Reserve Chairman Ben Bernanke had to say to Congress on Wednesday. According to Bernanke, their situation may not improve much for at least two years. —KA
The New York Times:
The unemployment rate in the United States is likely to remain well above 7 percent through the end of 2012 and the duration of President Obama’s current term, according to the Federal Reserve.
Ben S. Bernanke, the Fed chairman, told Congress on Wednesday that it would take “a significant amount of time” to restore the 8.5 million jobs lost in the United States in 2008 and 2009, and warned that “the economic outlook remains unusually uncertain.” He also warned that financial conditions, particularly the European sovereign debt crisis, had “become less supportive of economic growth in recent months.”
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