Joblessness is the blemish on Ben S. Bernanke's report card.

Since the recession ended in June 2009, the Federal Reservechairman has achieved inflation near his target of 2 percent,bolstered capital across the banking system and helped underpinconfidence in the U.S. economy that's contributed to record-lowborrowing costs for the nation. Meanwhile, the unemployment ratehas stalled above 8 percent for 41 consecutive months.

The failure to bring joblessness closer to Fed officials'longer-run goal of 5.2 percent to 6 percent has prompted Bernankeand his lieutenants to emphasize the need for economic growth overprice stability, said John Silvia, chief economist at Wells FargoSecurities LLC. Bernanke added to his record monetary stimulus lastmonth and said more action will be needed without “sustainedimprovement” in the jobs outlook.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.