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VOL. 126 | NO. 24 | Friday, February 04, 2011

Bernanke: More Jobs Needed for Real Recovery

JEANNINE AVERSA | AP Economics Writer

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WASHINGTON (AP) – Federal Reserve Chairman Ben Bernanke says the U.S. can't fully recover from the worst recession in decades until hiring improves.

Bernanke says the economy is strengthening, and will likely grow at a faster pace this year as more confident consumers and companies spend more, in prepared remarks to the National Press Club. But he warns that the growth still won't be strong enough to quickly drive down high unemployment, and it could take several years before it returns to more normal levels.

He says: "Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established."

His remarks suggest the Fed will stick with its program to prime the economy by purchasing $600 billion of Treasury bonds by the end of June.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 153 14,870
MORTGAGES 64 144 19,474
FORECLOSURE NOTICES 0 22 3,817
BUILDING PERMITS 217 359 35,689
BANKRUPTCIES 59 121 14,155
BUSINESS LICENSES 24 86 5,077
UTILITY CONNECTIONS 71 170 21,603
MARRIAGE LICENSES 22 59 4,616

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