ben s bernanke : fostering workforce development speech by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at the federal reserve bank of richmond and community college workforce alliance forum on workforce development, richmond, virginia, 9 june 2010. * * * thank you, president lacker. i ’ m pleased to be here today to learn firsthand about the variety of workforce development initiatives in virginia. i appreciate the efforts of everyone who is taking part today, and would like to especially thank the community college workforce alliance and the federal reserve bank of richmond for organizing today ’ s forum. i also want to acknowledge the presence of lieutenant governor bolling. organizations such as the workforce alliance and public - private partnerships supported by the governor ’ s office are helping people in virginia improve their own lives and economic circumstances. as our nation continues to recover from the recession, these and similar workforce development programs in communities across the country are demonstrating that they are vital to the well - being of main street economies all over america. today ’ s forum has brought together representatives of a range of organizations with the shared goal of fostering economic growth and job creation – including the governor ’ s economic development and jobs creation commission, the virginia workforce investment council, the international economic development council, and the heldrich center for workforce development. this forum supports the ongoing efforts of all of these organizations to develop and share strategies to help provide employment opportunities for americans. i understand that your sessions today have focused on efforts to retool virginia ’ s workforce through community college and state government initiatives. you have also shared insights about the condition of the national economy and employment trends. although our country continues to endure high unemployment, we see some signs of modest improvement in the labor market. nationally, private payroll employment rose an average of 140, 000 per month over the three months ended in may, and firms have been lengthening the workweeks of their employees. virginia has been sharing in the recent improvement, with approximately 32, 500 private - sector jobs having been created during the first four months of this year. nonetheless, in all likelihood, a significant amount of time will be required to restore the nearly 8½ million jobs that were lost nationwide over 2008 and 2009. partnerships like the workforce alliance, and programs at other community colleges, are crucial to ensuring that americans are able to advance their careers or find work after losing a job in what has been a very challenging economic time. as the labor market recovers

a valuable source of information, shared your expertise with others, and made connections that will assist you and your organizations in meeting the needs of those you serve. thank you for your efforts, and for the opportunity to be with you today. u. s. department of labor, bureau of labor statistics, ( 2010 ), “ overview of the 2008 – 2018 projections ”, in occupational outlook handbook, 2010 – 2011 edition : ( washington : bls ).