Fed’s Goolsbee: Mild cooling in labor market
President of the Federal Reserve (Fed) Bank of Chicago, Austan Dean Goolsbee, spoke in an interview with CNBC, talking about the labor market on Thursday. He stated that the unemployment rate remains essentially unchanged and that he cannot rely on inflation being transitory.
Key Quotes
Most of labor market indicators show stability in the market.
Should be careful taking payroll job number drop as an indicator of job market.
Mild cooling in labor market.
Unemployment rate basically unchanged.
A little downside risk to labor market.
There's a lot of stability.
Recession starts are not usually low hiring, low firing.
Low hiring, low firing is character of an uncertain environment.
Maybe reluctant to continue rate cutting cycle.
Very little private sector information about inflation, will some time before we see any problems.
Makes me more uneasy with frontloading rate cuts.
Can't count on inflation being transitory.
Consumer spending strong, growth is strong.
Low hiring rate is weakest part of job market.”
Source : Fxstreet.com
