US Federal Reserve Chairman Ben Bernanke held that the high level of joblessness in the  economy is a huge loss of potential for the country and the economy and the conditions now prevailing in the job market represent an enormous waste of human and economic potential.

The latest economic projections from the Fed were little changed from September. The central bank still expects economic growth to be no stronger than 3 percent next year. Growth could improve to 3.5 percent in 2014 and 3.7 percent in 2015.

The Fed observes unemployment no lower than 7.4 percent next year and 6.8 percent by the end of 2014 and it sees unemployment dropping below 6.5 percent by the end of 2015.

The Federal Reserve predicts the unemployment rate will stay elevated until late 2015, suggesting it will keep short-term interest rates low for the next three years so it plans to keep its key short-term interest rate near zero at least until the unemployment rate is below 6.5 percent.