An already tight economy is getting weaker: That’s what Federal Reserve Chairman Ben Bernanke is telling U.S. lawmakers.
FOX News Radio’s Jared Halpern reports from Washington:
The economic recovery has decelerated. The Fed Chief telling the Senate Banking Committee the economy could slow down even more.
(Bernanke) “A reduction in the unemployment rate seems likely to be frustratingly slow.”
In fact Ben Bernanke warns the unemployment rate is likely to top 7% through 2014.
(Bernanke) “Issues related to seasonal adjustment and the unusually warm weather this past winter can account for part, but only a part, of this loss of momentum in job creation.”
Bernanke says the Federal Reserve is prepared to take further action if growth doesn’t pick up, but stopped short of offering what those steps may include.
In Washington, Jared Halpern, FOX News Radio.