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Bernanke: Danger of 'substantial downturn' has faded despite big jump in jobless rate

Bernanke: Danger of 'substantial downturn' has faded despite big jump in jobless rate

Federal Reserve Chairman Ben Bernanke says the danger that the country has fallen into a "substantial downturn" appears to have faded _ despite a big jump in the unemployment rate.
Addressing a Fed conference in Chatham, Massachusetts, on Monday night, Bernanke said a government report last week showing the unemployment rate rising from 5 percent in April to 5.5 percent in May _ the biggest one-month jump in two decades _ was "unwelcome." However, the Fed chief said other forces should "provide some offset to the headwinds that still face the economy."


Updated : 2020-12-01 11:12 GMT+08:00