News / USA

Bernanke: Reducing Unemployment Frustratingly Slow

Federal Reserve Board Chairman Ben Bernanke gives a semiannual report to the Senate Banking Committee, July 17, 2012, on Capitol Hill in Washington.Federal Reserve Board Chairman Ben Bernanke gives a semiannual report to the Senate Banking Committee, July 17, 2012, on Capitol Hill in Washington.
x
Federal Reserve Board Chairman Ben Bernanke gives a semiannual report to the Senate Banking Committee, July 17, 2012, on Capitol Hill in Washington.
Federal Reserve Board Chairman Ben Bernanke gives a semiannual report to the Senate Banking Committee, July 17, 2012, on Capitol Hill in Washington.
VOA News
U.S. Federal Reserve Chairman Ben Bernanke says the U.S. economic recovery has slowed and it will take a "frustratingly" long time to cut the unemployment rate.

The head of the U.S. central bank spoke at a congressional hearing Tuesday after reports showed inflation to be relatively mild, while job growth and retail sales were disappointing.

Bernanke said Europe's economy is under "significant stress" which is spilling over to the rest of the world, including the United States.

He said the U.S. economy could also be hurt if Congress and the president fail to reach agreements on tax and spending issues before the end of this year.  He again urged Congress to cut spending, but at a slow enough pace to avoid hurting growth while the U.S. economy is in a fragile state.

"The most effective way that the Congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long-run sustainability and the fragility of the recovery. Doing so earlier rather than later would help reduce uncertainty and boost household and business confidence," he said.

Related video by Mil Arcega
Forecasts for Global Growth Turn Pessimistici
|| 0:00:00
...    
🔇
X
Mil Arcega
July 17, 2012 11:18 PM
The International Monetary Fund has lowered its global growth forecast, because of the continuing debt crisis in Europe and slowing growth in emerging markets. And U.S. Federal Reserve Chairman Ben Bernanke has given a downbeat view of the world's largest economy. As Mil Arcega reports, the latest assessment from both the U.S. and international community suggests growing economic pessimism around the world.
In the meantime, Bernanke said the Fed is ready to take further action to bolster growth if needed.

The Fed has already cut interest rates to nearly zero and used a complex process of bond purchases in another effort to stimulate the economy.

Senators also questioned Bernanke about a scandal over the way a critical global interest rate, called the LIBOR, was set.

Barclays bank recently paid a fine of around $450 million to the U.S. and British governments after the bank gave false information to the British official who sets the rate each day.  

It was an effort to make Barclays look stronger than it was during the financial crisis.

Bernanke said Fed officials in New York became aware of allegations during the financial crisis and reported the matter to British regulatory officials.

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

You May Like

Turkey's Erdogan: Women Not Equal to Men

Speaking at conference in Istanbul, President Erdogan says Islam has defined a position for women: motherhood More

Ahead of SAARC Summit, Subdued Expectations

Some regional analysts say distrust between Pakistani, Indian officials has slowed SAARC's progress over the year More

Philippines Leery of Development on Reef Reclamation in S. China Sea

Chinese land reclamation projects in area have been ongoing for years, but new satellite imagery reportedly shows China’s massive construction project More

This forum has been closed.
Comment Sorting
Comments
     
by: Vaméri from: US
July 18, 2012 1:52 PM
We are lucky if unemployment rate won't go higher. Do not expect good news on economy any time soon. Pres. Obama may have to leave the White House if our unemployment rate won't fall down below 8% by November.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Aung San Suu Kyi: Myanmar Opposition to Keep Pushing for Constitutional Changei
X
November 24, 2014 10:09 PM
Myanmar opposition leader Aung San Suu Kyi says she and her supporters will continue pushing to amend a constitutional clause that bars her from running for president next year. VOA's Than Lwin Htun reports from the capital Naypyitaw in this report narrated by Colin Lovett.
Video

Video Aung San Suu Kyi: Myanmar Opposition to Keep Pushing for Constitutional Change

Myanmar opposition leader Aung San Suu Kyi says she and her supporters will continue pushing to amend a constitutional clause that bars her from running for president next year. VOA's Than Lwin Htun reports from the capital Naypyitaw in this report narrated by Colin Lovett.
Video

Video Mali Attempts to Shut Down Ebola Transmission Chain

Senegal and Nigeria were able to stop small Ebola outbreaks by closely monitoring those who had contact with the sick person and quickly isolating anyone with symptoms. Mali is now scrambling to do the same. VOA’s Anne Look reports from Mali on what the country is doing to shut down the chain of transmission.
Video

Video Ukraine Marks Anniversary of Deadly 1930s Famine

During a commemoration for millions who died of starvation in Ukraine in the early 1930s, President Petro Poroshenko lashed out at Soviet-era totalitarianism for causing the deaths and accused today’s Russian-backed rebels in the east of using similar tactics. VOA’s Daniel Shearf reports from Kyiv.
Video

Video Hong Kong Protests at a Crossroads

New public opinion polls in Hong Kong indicate declining support for pro-democracy demonstrations after weeks of street protests. VOA’s Bill Ide in Guangzhou and Pros Laput in Hong Kong spoke with protesters and observers about whether demonstrators have been too aggressive in pushing for change.
Video

Video US Immigration Relief Imminent for Mixed-Status Families

Tens of thousands of undocumented immigrants in the Washington, D.C., area may benefit from a controversial presidential order announced this week. It's not a path to citizenship, as some activists hoped. But it will allow more immigrants who arrived as children or who have citizen children, to avoid deportation and work legally. VOA's Victoria Macchi talks with one young man who benefited from an earlier presidential order, and whose parents may now benefit after years of living in fear.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.

All About America

AppleAndroid