July 13 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said he expects the economy to grow at an annual pace exceeding 3 percent in the second half of this year.
Bernanke said an expansion of “3 percent plus” is based on stronger auto sales and production and more spending by consumers.
In the first half of this year, auto production was hobbled by a shortage of parts because of the Japan earthquake, and high gasoline prices weighed on consumer spending, he said today in response to a question at a House Financial Services Committee hearing. He estimated growth during that period was around a 2 percent.
--Editors: Chris Wellisz, Kevin Costelloe
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