Bernanke: Economy May Start to Grow This Year

Federal Reserve Chairman Ben Bernanke said Tuesday that the economy will probably start to grow later this year, the Associated Press reported.

In testimony to the congressional Joint Economic Committee, Bernanke said that the country will pull out of its current recession and start to grow, but that economic activity will likely continue to be slow once growth starts, AP said.

Unemployment "could remain high for a time, even after economic growth resumes," Bernanke said, but he was hopeful that the recession will bottom out soon, AP said.

"The contraction may be slowing," he said.

Business investment remains weak, as does commercial real estate, the Fed chief told lawmakers. But there are signs in some parts of the economy that activity will pick up.