Bernanke Offers Gloomy Job Outlook

Federal Reserve Chairman Ben Bernanke quashed any irrational exuberance that anyone might have been feeling by noting that the current labor market not only isn’t normal, but probably will not be normal for at least a few more years, according to Bloomberg. In a prepared statement before the Senate Budget Committee today, Bernanke said that, despite an unexpected decline in the unemployment rate at the beginning of the year, there is still a long way to go before the job market is operating at a healthy 5.2 percent unemployment once again. With this in mind, the fed chairman has advised the government to pursue a long term growth strategy that focuses on keeping the deficit low and avoiding stifling economic growth, according to the Washington Post. The central bank will do its part in this effort by maintaining interest rates at near zero at least through late 2014.