Federal Reserve Chairman Ben Bernanke says that without faster economic growth, it could take "a few more years" for U.S. unemployment to decline to a normal rate.
In an interview with ABC News, Bernanke said Tuesday that he is sleeping better these days because the U.S. financial system looks stronger, and threats from Europe's debt crisis look less worrisome. He said the jump in gas prices should have only a moderate drag on growth.
But Bernanke said the economy isn't strong enough to continue to reduce unemployment quickly. Unemployment has declined from 9 percent in September to the current 8.3 percent. A healthy level is roughly between 5 percent and 6 percent, Bernanke noted.
In an interview with ABC News, Bernanke said Tuesday that he is sleeping better these days because the U.S. financial system looks stronger, and threats from Europe's debt crisis look less worrisome. He said the jump in gas prices should have only a moderate drag on growth.
But Bernanke said the economy isn't strong enough to continue to reduce unemployment quickly. Unemployment has declined from 9 percent in September to the current 8.3 percent. A healthy level is roughly between 5 percent and 6 percent, Bernanke noted.
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