US economic situation a grave concern: US Fed chief

US Federal Reserve Chairman Ben Bernanke has described the US economic situation unsatisfactory while expressing grave concern over labor market stagnation.

“The economic situation is obviously far from satisfactory,” AFP quoted Bernanke as telling central bankers in Jackson Hole, Wyoming, on Friday.

The chief of the US central bank added, “Growth in recent quarters has been tepid, and so, not surprisingly, we have seen no net improvement in the unemployment rate since January.”

He added, “Unless the economy begins to grow more quickly than it has recently, the unemployment rate is likely to remain far above levels consistent with maximum employment for some time.”