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US Economic Growth Slowing

U.S. Federal Reserve Board Chairman Ben Bernanke says the central bank will take further steps to boost the economy if conditions deteriorate.

The central bank chief spoke Friday to top economic officials from the United States and other nations, and leaders of major financial firms.

While Bernanke did not commit the Fed to a specific action, he said the bank might make a large-scale purchase of securities, which could speed up growth by increasing the amount of money in circulation.

The Fed chief said U.S. unemployment is too high and economic growth is too slow.

Bernanke's speech follows a string of disappointing economic reports, including one Friday that said the U.S. economy is growing at a slower pace than previously thought.

The Commerce Department report showed the gross domestic product growing at a 1.6-percent annual rate between April and June. That is down sharply from a previous estimate, and raises concerns about the pace of economic recovery from the worst recession in decades.

The gross domestic product is the broadest measure of the economy.

Some information for this report was provided by AP, AFP and Reuters.