Federal Reserve Chair Ben Bernanke is warning U.S. economic recovery is advancing at a glacial pace with a full turnaround still years away. Bernanke spoke to a conference of bankers Tuesday night in Atlanta.
Federal Reserve Chair Ben Bernanke: “U.S. economic growth so far this year looks to be somewhat slower than expected. Aggregate output increased at only 1.8 percent annual rate in the first quarter, and supply chain disruptions associated with the earthquake and tsunami in Japan are hampering economic activity this quarter. A number of indicators also suggest some loss of momentum in the labor market in recent weeks.”
Bernanke’s comments follow last week’s figures showing the United States added only 54,000 jobs last month, the fewest since last September. The nation’s official unemployment rate also increased to 9.1 percent, up from 9.0 percent in April.