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Bernanke Sees Slow Jobs Progress

Central bank stands ready to take more action to boost recovery, Fed chairman says.

By Joshua Zumbrun and Craig Torres, Bloomberg | Updated on July 17, 2012

Federal Reserve Chairman Ben S. Bernanke said progress in reducing unemployment is likely to be “frustratingly slow” and repeated the Fed is ready to take further action to boost the recovery, while refraining from discussing specific steps.

“The U.S. economy has continued to recover, but economic activity appears to have decelerated somewhat during the first half of this year,” Bernanke said today in testimony for delivery to the Senate Banking Committee in Washington. The Fed is “prepared to take further action as appropriate to promote a stronger economic recovery,” he said.

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