Fed Chair Ben Bernanke Growth and Jobs are Slowing

The news just keep getting worse. The Federal Reserve Bank Chairman Ben Bernanke issue a report that the economy and job growth slow down. The report talks about the European Debt Crises impact the US economy.

The Federal Reserve report issued Wednesday tells that growth will between 3 to 3.5 percent. This revise down from April’s report were calling for growth between 3.2 and 3.7 percent.

The report says unemployment may hover around at 9.5 % for the rest of the year or may fall to 9.2%. The April report said the unemployment rate could fall to 9.1 %.

In the Feds June 22-23 minutes the Fed is concern with the European Debt Crisis  in general  and Greece in particular.  The report lower it economic projections, “economic developments abroad.”

There is one bright spot inflation. The fed revise downward the growth of inflation. Inflation will  1% to 1.1 percent. The original  report saw expected inflation to rise between 1.3 to 1.7 percent.

AP via Yahoo Finance News.

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