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Bernanke: U.S. Economy Not Out Of Woods

March 28, 2012 by staff 

Bernanke: U.S. Economy Not Out Of Woods, The U.S. economy is “stronger and more stable” than it was a year ago and the financial stress in Europe is easing, but many challenges remain including adding more jobs for the long-term unemployed and getting the housing market back on track, Federal Reserve Chairman Ben Bernanke said in an ABC News interview Tuesday.

“And so yeah, I’m sleeping a little better,” he told “World News” Anchor Diane Sawyer in an exclusive interview. “But again, I think it’s really important not to be complacent. We have a long way to go, a lot of work to do, and we’re going to keep doing that.”

Bernanke, chairman of the Board of Governors of the Federal Reserve since Feb. 2006, acknowledged that gas prices are a “major problem” but he called them a “moderate risk” in threatening the economic recovery. The national average price for a gallon of regular has risen to $3.92, according to the Energy Department.

“They’re obviously a hardship for lots of people. It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting,” he said.

Bernanke said higher gas prices may cause inflation to be “a little bit higher” in the next few months and take a bite out of consumer spending, leading to “a hit on growth.”

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