As economic data points have gone recently, last week’s unemployment report was good news: 163,000 net new jobs created in July, exceeding analysts’ expectations.
But such broad statistics don’t tell the whole story, Federal Reserve Chairman Ben Bernanke said Monday. They mask the actual struggles of average Americans in an economic recovery still straining to gain traction.
“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 in a pre-recorded video speech for a Massachusetts conference.
