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Fed's Goolsbee says job data show labor market is cooling to sustainable pace

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Chicago Fed President Austan Goolsbee said the labor market data show that job growth is slowing down to a sustainable pace.

Recent data show the U.S. labor market is still strong but has been weakening, said Chicago Fed President Austan Goolsbee, on Friday.

In a CNBC interview shortly after the U.S. Labor Department reported that the economy added 209,000 jobs in June, Goolsbee said that he didn’t want make too much of one month’s data.Stepping back, he said the bigger picture shows some softening in the jobs market, for instance, the ratio of vacancies to unemployed workers is coming down.

Goolsbee, who is a voting member of the Fed’s interest-rate committee this year, said the 0.4% increase in hourly wages —which was above consensus of a 0.3% gain— was a lagging indicator and was not a sign of higher inflation to come.

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