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FED: Chair Powell Asked if More Cooling is Required in the Labor Market

FED
  • Q: How are you viewing the labor market? More cooling required?
    • A: By many measures, the labor market was overheated...since then, supply has improved...on the demand side, quits and openings have moved down... wage increases have moved from very high levels down to more sustainable levels.
    • Unemployment rate has crept up 6/10ths over the course of the last year - that's an important statistic. But more than that you've got strong job creation, even there's an argument they're (nonfarm payrolls) overstated.
    • Sometimes you can't reconcile the differences between the NFP surveys, you just have to try to look and try to understand. We're left with ambiguous results and we have to deal with that uncertainty. Nonetheless the overall picture is still of a strong and gradually cooling, gradually rebalancing labor market.
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