"We cannot yet be sure that the recent pace of improvement in the labor market will be sustained"
- Ben Bernanke, Federal Reserve Chairman
The U.S. economy needs to grow more rapidly to bring the unemployment rate down, said Federal Reserve Chairman Ben Bernanke. The decline in unemployment to 8.3 per cent may reflect "a reversal of the unusually large layoffs that occurred during late 2008 and over 2009," Bernanke said in a speech Monday.
"To the extent that this reversal has been completed, further significant improvements in the unemployment rate will likely require a more-rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies."
"We cannot yet be sure that the recent pace of improvement in the labor market will be sustained," Bernanke added.
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