Bernanke says US needs to hire more

first_img Share whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com Show Comments ▼ KCS-content AMERICA faces severe problems if it cannot get more people back to work, the chairman of the Federal Reserve (Fed) argued in a speech last night.Chairman Ben Bernanke warned that “social and economic consequences” make it vital for the US to reduce its level of unemployment.In October unemployment was measured at 9.6 per cent, where it has stuck for the third consecutive month.Last week the Fed revised up its projections for unemployment to 8.9–9.1 per cent for next year, after it had previously expected 8.3–8.7 per cent.Bernanke did not comment directly on monetary policy, yet his words will be read as a further leaning towards monetary loosening.It is almost a month since the Fed announced a second phase of quantitative easing (QE2), declaring it would buy $600bn of long-term Treasury securities over an eight month period.Bernanke has publicly defended the policy, which is designed to “promote a stronger pace of economic recovery.”Speaking last night he highlighted harm to the long-term unemployed, noting that 40 per cent of America’s unemployed have been out of work for over 6 months.“This is very worrisome because when people are out of work for an extended period, their skills tend to erode,” he said.And economic recovery is dependent on confidence, he said: “With unemployment so high that confidence is hard to come by.” Bernanke says US needs to hire more Tuesday 30 November 2010 8:16 pm whatsapp Tags: NULLlast_img

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