Bernanke Warns That Economic Recovery Will Be Slow
Unemployment is standing at 8.3 percent, according to The Daily Beast. Bernanke said that the rate will go down, but probably very slowly over the next few years.
He said that homebuyers are still reluctant to buy homes because they lack job security. Bernanke said that the economy is still being weighed on by factors such as flat wages, borrowers having trouble getting loans, governments laying off workers and financial problems abroad.
Bernanke did say, however, that the unemployment rate has come down faster than expected, reports the Washington Post.
Bernanke also said that rising gas pries will likely increase inflation temporarily, but not for a long period of time.