Federal Reserve Chair Tells Columbus Audience More Job Growth Is Needed.
Federal Reserve Chairman Ben Bernanke is expressing concern that the economy isn't growing fast enough to significantly reduce unemployment.
Bernanke says the economy needs growth of 2% to 2.5% just to create enough jobs to accommodate new people looking for work.
The Fed chairman is also signaling concern about the 6,200,000 people unemployed for more than six months, who amount to 42% of all unemployed Americans. Bernanke says that problem could contribute to an unusually high unemployment rate even as the economy returns to health.
Bernanke spoke at an Ohio State University business school forum on the economy that also featured Ford Motor Co. CEO Alan Mulally and IBM CEO Sam Palmisano.