U.S. economic expansion to be moderate: Bernanke

WASHINGTON, Dec. 7 (Xinhua) -- The U.S. economy is likely to expand moderately, Federal Reserve Chairman Ben Bernanke said on Monday.

U.S. Federal Reserve Chairman Ben Bernanke delivers remarks during the December Luncheon meeting of the Economic Club of Washington, at the Capital Hilton in Washington on Dec. 7, 2009. (Xinhua/Zhang Yan)

The recovery "will continue at least into next year," Bernanke said in remarks before the Economic Club of Washington. But he cautions that the economy is confronting some "formidable headwinds" -- such as a weak job market, cautious consumers and still-tight credit.

He says those forces "seem likely to keep the pace of expansion moderate," and it is still too early to declare that the budding recovery will last.

The Central bank chief says: "We still have some way to go before we can be assured that the recovery will be self-sustaining."

According to the latest revised data released by the Commerce Department, the overall economy growth in the third quarter this year was 2.8 percent.

Many economists predict the U.S. economy will grow at about 2 percent next year. Some, however, expect a double-dip decline.

Unemployment rate, at 10.0 percent in November, remains a major concern of the Federal Reserve as well as the Obama administration.

To stimulate the economy, the Fed has kept interest rates at record low near zero for a year. It is widely expected to leave rates at the historical low levels at its meeting next week.