Federal Reserve Chairman Says Jobless Rate Unlikely to Improve in Near Future
Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that the Jobless Rate will likely stay above 7% for the remainder of Pres. Obama's first term. He said it will take a "significant amount of time" for the economy to create the 8.5 million jobs lost during the recession. However, current levels of legal immigration require the economy to create at least 125,000 new jobs every month just to keep up with the increases in population.