Quantcast

Ben Bernanke: Economy ‘clearly still far from’ desired state

By Agence France-Presse
Monday, April 8, 2013 20:09 EDT
google plus icon
bernanke-afp
 
  • Print Friendly and PDF
  • Email this page

Federal Reserve Chairman Ben Bernanke said Monday that the US economy still has far to go to recover to an acceptable state of health.

“Today the economy is significantly stronger than it was four years ago, although conditions are clearly still far from where we would all like them to be,” he said.

The statement, made in a speech on banking in Stone Mountain, Georgia, came as economists and investors seek signs on whether the US central bank is ready to tighten up its easy-money policy aimed at holding long-term interest rates down.

Since December the Fed has stuck to its ultra-low rates and its $85 billion per month “quantitative easing” bond purchase program despite economic indicators that led many to believe the economy is picking up speed.

Bernanke has consistently tied tightening monetary policy to a substantial improvement in unemployment, with the rate currently 7.6 percent, and his statement echoed comments made in previous months that he was not satisfied with the pace of recovery.

On Friday the Labor Department reported that just 88,000 new jobs were generated in March, the slowest growth in nine months.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
By commenting, you agree to our terms of service
and to abide by our commenting policy.
 
Google+