Fed Chief Says Unemployment to ‘Remain Elevated’

Fed Chairman Ben S. Bernanke said the unemployment rate is likely to remain high “for some time” even after the biggest two-month drop in the jobless rate since 1958. Bernanke told the House Budget Committee today that while the declines in the jobless rate in December and January “do provide some grounds for optimism,” he cautioned that “with output growth likely to be moderate for a while and with employers reportedly still reluctant to add to their payrolls, it will be several years before the unemployment rate has returned to a more normal level.” – Bloomberg

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