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Powell On Whether 519k Jobs Growth Is Good Or Bad

FED
  • Q: If next month you had another 519k net jobs created would that be good or bad?
  • Paraphrased A: We don’t have the luxury of thinking about good or bad, it’s just it is what it is. Most analysts would say to get inflation down there is some softening in labor market conditions that goes along with that and that is still very possible and indeed likely. However, this cycle is different from other cycles because of where it came from and it’s just confounded all attempts to predict what it’s going to do. It is good that we’ve seen very strong labor market but wage increases have moderated closer to what would be sustainable albeit still well above what’s consistent with 2% inflation target.

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