WASHINGTON (MNI) – The following is an excerpt from Federal Reserve
Chair Ben Bernanke’s semi-annual testimony to the House Financial
Services Committee Wednesday on unemployment, which is expected to edge
down slowly:
With output growth in 2012 projected to remain close to its
longer-run trend, participants did not anticipate further substantial
declines in the unemployment rate over the course of this year. Looking
beyond this year, FOMC participants expect the unemployment rate to
continue to edge down only slowly toward levels consistent with the
Committee’s statutory mandate. In light of the somewhat different
signals received recently from the labor market than from indicators of
final demand and production, however, it will be especially important to
evaluate incoming information to assess the underlying pace of economic
recovery.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MMUFE$,MGU$$$,MFU$$$]
