WASHINGTON - Federal Reserve officials gathering at the annual central banking conference in Jackson Hole, Wyoming, this week can take some satisfaction that the U.S. unemployment rate, at 4.3%, remains low by historical standards.
Other Fed officials including San Francisco Fed President Mary Daly said in other interviews they were gaining confidence that inflation was returning to the central bank's 2% target and that they were open to rate cuts. The trend began changing this year, and Fed officials have given increasing weight to the risks they feel they are running by keeping monetary policy too tight for too long.The U.S. government reported weaker-than-expected job growth in July, with employers adding just 114,000 positions. The July reading pulled the three-month average below the pre-pandemic trend, and pushed the unemployment rate up two-tenths of a percentage point to 4.3%.
Amid still-strong consumer spending and economic growth that may be slowing but remains positive, the Fed is not yet ready to consider the job market in crisis - it just wants to avoid creating one.
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