Bad news Bernanke: The Fed chief says the U.S. job market isn’t going to improve in the near future.
There are economic indicators that we want to be on the high end of the scale, but unemployment isn’t one of them. Unfortunately, according to Federal Reserve Chairman Ben Bernanke, the U.S. unemployment rate is going to remain “high for a while.” —KA
While the Fed will raise interest rates from a record low before the economy returns to “full employment,” Bernanke said officials don’t know when that process will start. The banking system isn’t fully healthy and lenders are “cautious” in providing credit, he said.
“The unemployment rate is still going to be high for a while, and that means that a lot of people are going to be under financial stress,” Bernanke said at the event, part of a dinner hosted by the Woodrow Wilson International Center for Scholars.