Federal Reserve Board chairman Ben Bernanke gave a fairly gloomy outlook for job growth yesterday — a week ahead of a Federal Open Market Committee two-day meeting on monetary policy.

Bernanke warned it may take a while to bring the unemployment rate down from high levels, given the likely prospect of nothing more than “moderate” growth, as he responded to questions following a speech at the Brookings Institution.

Bernanke said forecasters generally agree the economy is in recovery but that the growth rate is apt to be only moderate and less than what would ordinarily be expected coming out of a deep recession because of “ongoing headwinds” such as tight credit conditions and other constraints on household spending.

— Market News International

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