08 Jun '11, 1am

Bernanke sees 'loss of momentum' in jobs market - Straits Times

WASHINGTON - AFTER a slew of wretched economic news, Federal Reserve Chairman Ben Bernanke warned on Tuesday there had been a 'loss of momentum' in the US jobs market. Two years into a slow and largely jobless recovery, Mr Bernanke predicted employment growth would eventually pick up, but that a recent soft-patch needed to be carefully monitored, and that stimulative policies were still needed. 'The jobs situation remains far from normal,' Mr Bernanke told an audience in Atlanta, Georgia, reiterating a now all-too-familiar story of a recovery hobbled by a lack of new employment opportunities and a continued housing crisis. 'Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established,' he told the audience. Just 1.8 million of the nine million jobs lost in the recession have been recovered, according to official figures,...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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