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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 This material may not be published, broadcast, rewritten or redistributed.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 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 22 77 1,556
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 84 341 5,300
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
MARRIAGE LICENSES 36 117 1,458

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