News Formal

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

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fed's Goolsbee: It is clear job market is strong but coolingIn an interview with CNBC on Friday, Chicago Federal Reserve Bank President Austan Goolsbee said that they don't need a recession to eliminate inflati
Source: FXStreetNews - 🏆 14. / 72 Read more »