WASHINGTON—The nation’s federal reserve chairman says economic growth is moderate and the job market remains “generally weak.”
Ben Bernanke told a Senate committee today that 6 million jobs were created in the private sector since 2010.
The unemployment rate has dropped by over 2 percent since 2009.
However, he says it is still too high and damaging not only families but America’s economic potential.
Bernanke said, “Despite these gains, however, the job market remains generally weak with the unemployment rate well above its longer-than normal level. About 4.7 million of the unemployed have been without a job for six months or more and millions more would like full-time employment but are able to find only part-time work.”
He also warned that the deadline over budget spending and the debt ceiling are hurting the economy.
Bernanke encouraged the Congressional Budget Office to come up with a solution for the sequestration cuts before Friday.
He said, “I think an appropriate balance would be to introduce these cuts more gradually and to compensate with larger and more sustained cuts in the long run to address our long-term fiscal issues.”
He also told senators that regulations passed after the near-financial collapse make it easier to unwind the so-called “too big to fail banks.”