From Federal Reserve Chairman Ben Bernanke this afternoon summarizing the outlook for the U.S. economy:
Although it is moving in the right direction, the economy is still producing at levels well below its potential; consequently, accommodative monetary policies are still needed. Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established.
Specific concerns: “the very high level of long-term unemployment” and “loss of momentum in the labor market,” the “depressed state of housing,” and “additional headwinds ranging from the effects of the Japanese disaster to global pressures in commodity markets.”
∙ The U.S. Economic Outlook [federalreserve.gov]