The unemployment rate has edged off its recent peak, but at 9.7 percent, it is still close to its highest level since the early 1980s.

"Although layoffs have eased in recent months, hiring remains very weak," said Bernanke, adding that more than 40 percent of the unemployed have been out of work six months or longer, nearly double the share of a year ago.

"I am particularly concerned about that statistic, because long spells of unemployment erode skills and lower the longer-term income and employment prospects of these workers," said the Fed chief.

The Federal Reserve announced on March 16 to keep the federal funds rate at historic low level of zero to 0.25 percent for "an extended period" to boost the economic recovery.

It is widely expected that the Fed will keep the rate near zero at its next meeting in late April and for most of this year.

Bernanke explained that the record-low interest rates should help foster the recovery.
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