Unemployment Predicted Above 7% Through 2012

Posted by CNC Reporter on Jul 30th, 2010.

Don’t expect unemployment to drop much in the next year or two, according to Federal Reserve Chairman Ben Bernanke. He projects the jobless rate will be well above seven percent through the end of 2012. That could spell bad news for the re-election of President Barak Obama. Bernanke told Congress “a significant amount of time” would be needed to restore the 8.5 million jobs lost in 2008 and 2009. In a written statement to the Senate Banking Committee, he said “the economic outlook remains unusually uncertain” due to European debt.

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