Federal Reserve: Far too early to declare victory

Americans show signs of spending more, and the economy is more stable than it was a year ago. However, according to Federal Reserve Chairman Ben Bernanke, challenges still remain in providing more jobs for long-term unemployment and restoring the housing market.

"It's far too early to declare victory," Bernanke said. Higher gas prices may cause inflation to increase, impacting consumer spending within upcoming months.

National employment rate is around 8.3 percent, but could decrease by the end of the year depending on how fast the economy grows. Also, there is progress in the housing market with more multi-family homes being constructed and extra building permits.

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