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St. Louis Fed President James Bullard offered an upbeat outlook for the labor market despite a disappointing reading in April, pointing to anecdotal evidence of strong hiring as well as data showing a near all-time low ratio of unemployed workers to job openings.
"The latest ratio suggests a very tight labor market, which would be consistent with anecdotal reports that it is hard to hire workers," Bullard wrote in a new essay published Thursday, echoing comments he made in a recent MNI interview where he also said he's keenly watching inflation expectations for signs of any undesireable spike.