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1、Forreleaseondelivery3:45p.m.EDTJune7,2011TheU.S.EconomicOutlookRemarksbyBenS.BernankeChairmanBoardofGovernorsoftheFederalReserveSystemattheInternationalMonetaryConferenceAtlanta,GeorgiaJune7,2011IwouldliketothanktheorganizersforinvitingmetoparticipateonceagainintheInternationalMonetaryConference.I
2、willbeginwithabriefupdateontheoutlookfortheU.S.economy,thendiscussrecentdevelopmentsinglobalcommoditymarketsthataresignificantlyaffectingboththeU.S.andworldeconomies,andconcludewithsomethoughtsontheprospectsformonetarypolicy.TheOutlookforGrowthU.S.economicgrowthsofarthisyearlookstohavebeensomewhat
3、slowerthanexpected.Aggregateoutputincreasedatonly1.8percentatanannualrateinthefirstquarter,andsupplychaindisruptionsassociatedwiththeearthquakeandtsunamiinJapanarehamperingeconomicactivitythisquarter.Anumberofindicatorsalsosuggestsomelossofmomentuminthelabormarketinrecentweeks.Weare,ofcourse,monit
4、oringthesedevelopments.Thatsaid,withtheeffectsoftheJapanesedisasteronmanufacturingoutputlikelytodissipateincomingmonths,andwithsomemoderationingasolinepricesinprospect,growthseemslikelytopickupsomewhatinthesecondhalfoftheyear.Overall,theeconomicrecoveryappearstobecontinuingatamoderatepace,albeitat
5、aratethatisbothunevenacrosssectorsandfrustratinglyslowfromtheperspectiveofmillionsofunemployedandunderemployedworkers.Asisoftenthecase,theabilityandwillingnessofhouseholdstospendwillbeanimportantdeterminantofthepaceatwhichtheeconomyexpandsincomingquarters.Arangeofpositiveandnegativeforcesiscurrent
6、lyinfluencingbothhouseholdfinancesandattitudes.Onthepositiveside,householdincomeshavebeenboostedbythenetimprovementinjobmarketconditionssinceearlierthisyearaswellasfromthereductioninpayrolltaxesthattheCongresspassedinDecember.Increasesinhouseholdwealth---2-largelyreflectinggainsinequityvalues--and
7、lowerdebtburdenshavealsoincreasedconsumers’willingnesstospend.Onthenegativeside,householdsarefacingsomesignificantheadwinds,includingincreasesinfoodandenergyprices,declininghomevalues,continuedtightnessinsomecred