Economy Poised for First-Quarter Growth, Bernanke Says

Click here to write a Letter to the Editor.

ew Federal Reserve Chairman Ben Bernanke told Congress Thursday that the U.S. economy will show a “significant” recovery following the slowest fourth quarter in three years, Bloomberg reported.

He told the Senate Banking Committee this quarter will see a “significant rebound” from the fourth quarter, “and likely productivity will come back with it,” Bloomberg reported.

Economists raised their forecasts for economic growth after retail sales last month increased the most since May 2004, Bloomberg said.

Prospects for growth are also being helped by the lowest jobless rate in more than four years and a continued expansion in manufacturing, Bloomberg reported.