Bernanke: "Best thing we can say about labor market right now - it may be getting worse more slowly"

[Amerigo Vespucci]

Brighter signs in economy haven't boosted confidence or hiring
By Manav Tanneeru, CNN
November 23, 2009 12:49 p.m. EST

Ali Velshi, CNN's chief business correspondent, said it may not feel as if the economy is in a recovery until the jobless numbers decrease. That may partly explain the poll's findings.

Velshi described the American economy as being founded on three pillars. One is the value of a home growing at a rate faster than the cost of owning it, he said.

The other is the value of investments -- think of a 401(k) plan or an IRA or savings for kids' education -- increasing at a rate faster than inflation.

The third, and most important one, is income, Velshi said. "You can live without a house. You can live without a 401(k). You can't live without an income."

On that front, Bernanke sounded somber during his remarks to the Economic Club of New York on November 16.

"The best thing we can say about the labor market right now is that it may be getting worse more slowly," he said. "Jobs are likely to remain scarce for some time."

Bernanke said jobs will likely be created next year but a high unemployment rate may still hold through 2010.

http://www.cnn.com/2009/US/11/23/recession.jobs/index.html

[Taverner]

1. So the recession isn't over then?

[Craftsman]

2. The recession will end soon, the the depression starts

[hayu_lol]

3. We are still bleeding jobs at the rate of half a million a month...

these pundits need to be unemployed so that they can experience things first hand...at street level.

This is a depression, a full-blown depression. Only our surviving social programs are injecting any new capital into our cities, towns, and hamlets.

[Taverner]

4. Obviously we are using different terminology. Define your meaning for recession and depression

As far as I get it, the economists are right - the (job) market has stabilized and will stay where its at for a long time.

[Dulcinea]

5. Easy for him to say!

He has a job. I haven't had a job for nearly a year.