Federal Reserve Chairman Speaks About Economy in Atlanta
Atlanta, GA – Federal Reserve Chairman Ben Bernanke says U.S. economic growth has been slower than expected, but he thinks it will improve during the second half of the year. Bernanke made the comments while speaking at the International Monetary Conference in Buckhead yesterday. It was the chairman’s first public speech since last Friday’s dismal job report.
Bernanke told members of the International Monetary Conference that the job market remains weak and progress has been uneven. He says overall there have been signs of improvement in the labor market. But Bernanke says the recent report, which showed slow job growth in May, suggests a loss of momentum.
“I expect hiring to pick up from last month’s pace as growth strengthens in the second half of the year, but the recent data highlight the need to continue monitoring the job situation carefully.”
Bernanke says he will not consider a recovery to be truly established until the U.S. sees a sustained period of stronger job creation.
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