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MNI BRIEF: Fed's Williams- Labor Supply Boost Set To Continue

(MNI) WASHINGTON
USPolicy NewsCentral Bank NewsFederal ReserveBriefStoryRegionNorth America

Positive supply shocks from immigration that boosted U.S. growth to above 3% last year look set to continue, potentially augmented by a pick-up in productivity growth, and those trends will be good for lowering inflation and strengthening the labor market, New York Fed President John Williams said Friday.

"What we're seeing in the U.S. is labor supply is still coming in pretty strong, so maybe that will continue. Maybe the productivity growth might continue. I don't know. But I think that's the big story." (See MNI INTERVIEW: Hard To Rule Out More Fed Rate Hikes-Acharya)

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Positive supply shocks from immigration that boosted U.S. growth to above 3% last year look set to continue, potentially augmented by a pick-up in productivity growth, and those trends will be good for lowering inflation and strengthening the labor market, New York Fed President John Williams said Friday.

"What we're seeing in the U.S. is labor supply is still coming in pretty strong, so maybe that will continue. Maybe the productivity growth might continue. I don't know. But I think that's the big story." (See MNI INTERVIEW: Hard To Rule Out More Fed Rate Hikes-Acharya)