Federal Reserve Chairman Ben Bernanke said Wednesday that the U.S. economy’s growth rate will pick up over the rest of 2011, to nearly 3 percent, according to projections presented to Congress.
Bernanke says employment was significantly improved by the recent round of quantitative easing which injected another $600 billion dollars into the financial system, which could have added about 30,000 new jobs per month, or about 700,000 over two years.
CNN Reports:
The Fed says that “temporary” factors like prices of energy, especially gasoline, have limited the impact of the payroll tax reductions and other items passed by Congress to accelerate growth. But Bernanke insisted that the “apparent stabilization in the prices of oil and other commodities should ease the pressure on household budgets.”
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