Fed Chariman Ben Bernanke testified before the House Committee on Financial Services today, reassuring lawmakers that the bailouts were working — but cautioned that they shouldn’t expect their constituents to have jobs again until 2012.

From the NYT:

Mr. Bernanke said in his prepared comments that despite positive signs of an improvement in the economy, “the job loss rate remains high and the unemployment rate continues its steep rise.” The weak job market, coupled with falling home prices and tight credit, he said, are putting downward pressure on households, undermining “the recent stabilization in household spending.”

Ah well, you needed the time off to finish your novel, America.

Pace of Decline Seems to Have Slowed, Fed Chief Says [NYT]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.