Fed Chairman Says Recession Is Probably Over
Category: Uncategorized- fhuff- 4:31 pm/ September 15, 2009Federal Reserve Chairman Ben Bernanke says the recession is likely over. However, he said that although the economy is probably growing now, unemployment will continue to rise from its current level of 9.7%. About 6.9 million jobs have been lost since the recession began in December 2007, and many of those people will have a tough time for a while to come.
“From a technical perspective, the recession is very likely over at this point. It’s still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was,” Bernanke warned.
This means that many Americans who have drastically cut back spending, will probably continue to hold on to their wallets and put more money into savings. The average U.S. savings rate has risen to 4.5% this year.
So where should you put your money if you want to save more whether the economy is truly on the upswing or not? A certificate of deposit can be a good place to put money that you won’t need to get at for a while. Begin your search for a certificate of deposit here. If you need to keep your money more liquid, look for basic savings and money market accounts.
- 6 Month CD 0.60 %
- 1-year CD 0.92 %
- 2-year CD 1.47 %
- Money Market Account 0.37 %
- Savings Account 0.60 %
- 30-year Fixed Mortgage 4.27 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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