Ben Bernanke: "Considerable Time" Needed for Job Market to Recover

Ben Bernanke Testimony Federal Reserve Chairman, Ben Bernanke, is upbeat about most factors in the economy. However, in his testimony to the U.S. Senate Budget Committee today, he predicted that it could take "considerable time" for the job market to recover.

Specifically, Bernanke said:

"A number of indicators of job openings and hiring plans have looked stronger in recent months, and the initial claims for unemployment insurance declined through November and December. Not withstanding these hopeful signs, with output growth likely to be moderate in the next few quarters and employers reportedly still reluctant to add to payrolls, considerable time will be required before the unemployment rate has returned to a more normal level."

Bernanke views the recovery as "self sustaining" because of consumer and business spending. He noted that real consumer spending rose at an annual rate of 2.5 percent in the third quarter of 2010.


Filed under: Employment News

Jane Genova

Editor

Jane Genova http://janegenova.com began focusing on transitions when the academic market collapsed as she was writing her dissertation in linguistics and literature at the University of Michigan.  After re-establishing herself in the public relations industry, she gradually published on the subject.  Her first piece was on The Professional Woman in THE WALL STREET JOURNAL.  Since then, she co-authored the book THE CRITICAL 14 YEARS OF YOUR PROFESSIONAL LIFE and myriad e-books and articles on career subjects ranging from emotional intelligence to aging.  In the 1980s she attempted another change by attending Harvard Law School.  She didn’t complete the degree but channeled that experience into maintaining a legal blog [http://lawandmore.typepad.com] housed at the Library of Congress.

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