US FEDERAL Reserve chairman Ben Bernanke said yesterday that although broad measurements of the economy point to recovery, many people and businesses are facing tough times.
“Even though some key aggregate metrics -- including consumer spending, disposable income, household net worth, and debt service payments -- have moved in the direction of recovery, it is clear that many individuals and households continue to struggle with difficult economic and financial conditions,” Bernanke said.
Bernanke was speaking on the topic of measuring wellbeing. He did not discuss the outlook for monetary policy or refer to Friday’s report that the economy added a more-than-expected 163,000 jobs in July even as the jobless rate rose to 8.3 per cent.
City A.M. Reporter