Bernanke says recession ‘very likely over’

Federal Reserve Board Chairman Ben Bernanke said September 15 the worst U.S. recession since the 1930s is probably over, although he cautioned that a high rate of unemployment will persist. Some economists say it will take at least four years for the jobless rate to drop down to a more normal range of 5 percent. “It’s still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was,” Bernanke said in responding to questions at the Brookings Institution.

Bernanke’s declaration that the recession, which started in December 2007, very likely bottomed-out earlier in the summer marked his most optimistic assessment yet of the economy. His remarks came on the same day that the government reported a 2.7% jump in retail sales in August, the largest increase in three years.

Source: Washington Post

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