"With output growth likely to be moderate for awhile 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," Federal Reserve Chairman Ben Bernanke just told reporters in Washington.
And, he added, "until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established."
Bernanke's address to members of the National Press Club is posted here. He's delivering it right now, and will take questions afterward. MSNBC is streaming the event here.
We'll hear much more about employment tomorrow at 8:30 a.m. ET, when the Bureau of Labor Statistics is due to release January unemployment and hiring data. The jobless rate stood at 9.4 percent in December.