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U.S. - Bernanke: Economy Weak Due to Jobs, Bank Credit

* U.S.

Bernanke: Economy Weak Due to Jobs, Bank Credit
The head of the U.S. Federal Reserve said that the country’s economic recovery would remain weak because of unemployment and bank credit

Ben Bernanke, the head of the U.S. Federal Reserve, said that the country's economic recovery would remain weak because of high unemployment and tight bank credit. Bernanke believes that the U.S. is currently seeing early evidence of that recovery and notes that most forecasters anticipate another moderate gain in the fourth quarter, but argues that he doesn¹t see how the economy will evolve in 2010 and beyond. The latest U.S. Labor Department report showed jobless rate reached 10.2% in October, the first time it has been in the double digits in 26 years
Nov-18-2009 10:11am