Bernanke: Unemployment Will Be High for Years
Financial picture is 'unusually uncertain'
By John Johnson,  Newser Staff
Posted Jul 21, 2010 3:24 PM CDT
Copies of the Monetary Policy Report to the Congress.   (AP Photo/Alex Brandon)
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(Newser) – Ben Bernanke isn't exactly spreading good tidings in his semiannual report to Congress. Two of the lowlights, from the New York Times:

  • Unemployment: Expect it to remain high, as in well above 7%, through the end of President Obama's first term. Bernanke said it will take "a significant amount of time" to restore the 8.5 million jobs lost in the recession.

  • Economic outlook: It remains "unusually uncertain," two words never good to hear from a Fed chairman's mouth, as evidenced in the stock market's quick drop. Conditions here and overseas, he added, have “become less supportive of economic growth in recent months.”