Bernanke: Economic Growth Is Uneven, Modest

On Capitol Hill Wednesday, Federal Reserve Chairman Ben Bernanke mentioned some positive developments on the economic front — including a decline in the jobless rate. But he added long-term unemployment is still a big concern.

Copyright © 2012 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

STEVE INSKEEP, HOST:

NPR's business news starts with a prognosis from Ben Bernanke.

(SOUNDBITE OF MUSIC)

INSKEEP: Federal Reserve Chairman Ben Bernanke is back on Capitol Hill today, for a second day of testimony. He's speaking to Senators one day after he told House members that the economic recovery is, quote, "uneven and modest." He showed no sign of what his predecessor once called irrational exuberance.

Despite recent positive signs, the Central Bank chief says he remains concerned about long-term unemployment. He's cited continuing layoffs by state and local governments, for example. Given the continuing weaknesses in the economy, Bernanke told lawmakers that interest rates are likely to remain low, but he also said the Fed does not expect the recession to permanently damage the economy's ability to grow.

Copyright © 2012 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.