Bernanke: US economy has improved

US Federal Reserve Chairman Ben Bernanke says the American economy has improved. But he has also cautioned that the recovery remains fragile and the jobless rate may remain high for some time.

Ben Bernanke, US Federal Reserve, said, "Economic forecasts are subject to great uncertainty, but my best guess at this point is that we will continue to see modest economic growth next year--sufficient to bring down the unemployment rate, but at a pace slower than we would like."

Bernanke said tight credit and the weak labor market would be significant forces holding back growth. The Fed chairman's comments suggest the central bank is in no hurry to reverse its extensive monetary stimulus any time soon.