Ben Bernanke: US Economic Outlook 'Unusually Uncertain'

by Jordan Yerman | July 21, 2010 at 11:19 am

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Fed Chairman Warns of Slower Economic Recovery

In a testimony before Congress, US Federal Reserve Chairman Ben Bernanke stated that the economic outlook was "unusually uncertain", and that recovery was not as strong as initially expected.

While financial conditions have improved, those improvements have not significantly translated to more American jobs. Bernanke said that the Dodd-Frank overhaul package, signed into law earlier in the day, will help to shore up the nation's economy and prevent another crash like the one that is still going on.

"In all likelihood, a significant amount of time will be required to restore the nearly 8.5 million jobs that were lost over 2008 and 2009," he said. And he emphasizes the "exceptional near-term hardships" on workers and their families, as well as the potential erosion of skills and possible long lasting effects on employment and earnings prospects.