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Powell: Labor Market Appears To Be Fully Back In Balance

FED
Chair Powell is asked about his comment that the labor market has moved into "better balance" - he' says the most recent market labor data send a "pretty clear signal that labor market conditions have cooled considerably compared to where they were two years ago...this is no longer an overheated economy...more or less back to where it was before the pandemic...the upshot is that we're well aware that we now face two-sided risks... the labor market appears to be fully back in balance."
  • His comment that the labor market is "fully back in balance" seems to demonstrate some degree of progress in a dovish direction versus the June meeting minutes out last week, which were released before Friday's payrolls figure and only reflected the NFP data through May ("Participants remarked that demand and supply in the labor market had continued to come into better balance.").
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