The U.S. economy needs to grow more quickly to bring the unemployment rate down further, Federal Reserve Chairman Ben Bernanke said on Monday, defending the central bank's policy of very low interest rates.
While he offered no indication the Fed is keen to embark on a third round of bond purchases, Bernanke also made clear the central bank is in no rush to reverse course after responding aggressively to a deep recession.
The jobless rate has dropped to 8.3 percent from 9.1 percent last summer, a move Bernanke said was "somewhat out of sync" with the rather modest pace of economic growth.
He said the decline could reflect an effort by businesses to recalibrate their payrolls after unusually heavy job cuts during the recession. If this is the case, he said, progress may stall
DUH! Way to go Ben! Faster growth.... great idea after 4 years of depression. How the hell did you ever come up with that great idea? I'm so freakin' proud of you! Geeze, nobody out here in workingclassland ever even THOUGHT that that would be a good idea! I just hope you keep coming up with those great ideas every 6 years or so when we really need them, and hope that they take less than 5 years to implement! You GO, Guy!!!!
ReplyDeleteToo bad nobody else had that idea 4 years ago!