Bernanke: Economic Growth Is Uneven, Modest
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.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.